Foreign Exchange (Compounding Proceedings) Rules, 2000

3fc4da03d04ee32bf6d5d1280246eaa7174e56fc · 1999 · State unknown

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Parent: THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (3757b2cf6e28b23db52995148c7e15b18aedf7eb)

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Foreign Exchange (Compounding Proceedings) Rules, 2000 Notification No. G.S.R. 383(E) dated 3rd May 2000 In exercise of the powers conferred by section 46 read with sub-section (1) of section 15 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Central Government hereby makes the following rules relating to compounding contraventions under chapter IV of the said Act, namely:- Short title and commencement– t– These rules may be called the Foreign Exchange (Compounding Proceedings) Rules 2000. They shall come into force on the 1st day of June, 2000. Definitions -In these rules, unless the context otherwise requires - (a) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) 'authorised officer' means an officer authorised under sub-rule (1) of rule 3; (c) 'applicant' means a person who makes an application under section 15 (1) of the Act to the compounding authority; (d) 'Compounding Order' means an order issued under sub-section (1) of Section 15 of the Act; (e) 'Form' means a form appended to these rules; (f) 'section' means a section of the Act; (g) all other words and expressions used in these rules and not defined but defined in the Act, shall have the meaning respectively assigned to them in the Act. (1) 'Compounding Authority' means the persons authorised by the Central Government under sub -section (1) of section 15 of the Act, namely; (a) an officer of the Enforcement Directorate not below the rank of Deputy Director or Deputy Legal Adviser (DLA). (b) An officer of the Reserve Bank of India not below the rank of the Assistant General Manager. Power of Reserve Bank to compound contravention - 3 [(1) If any Person contravenes any provisions of Foreign Exchange Management Act, 1999 (42 of 1999) except clause (a) of Section 3 of the Act.

Rule TOC

3 · [(1) If any Person contravenes any provisions of Foreign Exchange Management Act, 1999 (42 of 1999) except clause (a) of Section 3 of the Act.]

3 · [(1) If any Person contravenes provisions of Section 3(a) of Foreign Exchange Management Act.]

6 · Where any contravention is compounded before the adjudication of any contravention under section 16, no inquiry shall be held for adjudication of such contravention in relation to such contravention against the person in relation to whom the contravention is so compounded.

7 · Where the compounding of any contravention is made after making of a complaint under sub -section (3) of section 16, such compounding shall be brought by the authority specified in rule 4 or rule 5 in writing, to the notice of the Adjudicating Authority and on such notice of the compounding of the contravention being given, the person in relation to whom the contravention is so compounded shall be discharged.

8 · Procedure for Compounding -

1 · Provided that with respect to any proceeding initiated under rule 4, if the Enforcement Directorate is of the view that the said proceeding relates to a serious contravention suspected of money laundering, terror financing or affecting sovereignty and integrity of the nation, the Compounding Authority shall not proceed with the matter and shall remit the case to the appropriate Adjudicating Authority for adjudicating contravention under section 13.

9 · Payment of amount compounded -

4 · The sum for which the contravention is compounded as specified in the order of compounding under sub -rule (2) of rule 8, shall be paid by demand draft in favour of the Compounding Authority within fifteen days from the date of the order of compounding of such contravention.

10 · In case a person fails to pay the sum compounded in accordance with the rule 9 within the time specified in that rule, he shall be deemed to have never made an application for compounding of any contravention under these rules and the provisions of the Act for contravention shall apply to him.

11 · No contravention shall be compounded if an appeal has been filed under section 17 or section 19 of the Act.

12 · Contents of the order of the Compounding Authority -

13 · Copy of the order - One copy of the order made under rule 8(2) shall be supplied to the applicant and the Adjudicating Authority as the case may be.

1 · G.S.R. 151 (E) dated February 20, 2017

2 · G.S.R. 613 (E) dated August 27, 2008

3 · G.S.R. 609 (E) dated September 13, 2004 and

4 · G.S.R. 443(E) dated November 2, 2002