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AUTHORISATION TO FOREIGN EXCHANGE DEPARTMENT, CENTRAL OFFICE CELL, NEW DELHI, PRE-REQUISITES FOR COMPOUNDING, TECHNICAL, MINOR, MATERIAL AND SERIOUS CONTRAVENTIONS, ISSUE OF COMPOUNDING ORDER, PAYMENT AFTER COMPOUNDING ORDER
Which authority grants authorisation to the Foreign Exchange Department, Central Office Cell (FEDCO) in New Delhi to compound contraventions under FEMA?
The Reserve Bank of India grants authorisation to FEDCO, New Delhi, empowering it to compound specified contraventions of FEMA 1999 on behalf of the central bank.
What is the full form of FEDCO in the context of FEMA compounding?
Foreign Exchange Department Central Office Cell, New Delhi.
What is the primary purpose of the compounding mechanism under FEMA 1999?
Compounding allows contraventions of FEMA to be settled by payment of a specified sum without resorting to lengthy adjudication proceedings, thereby providing an expeditious resolution mechanism for violations.
Under which Act is the compounding of contraventions related to foreign exchange regulated?
Foreign Exchange Management Act (FEMA), 1999.
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