Alerts & Updates 10th Oct 2024
RBI has on October 1, 2024 issued new directions on compounding of contraventions under the Foreign Exchange Management Act (FEMA). These guidelines aim to streamline the compounding process by introducing higher monetary limits, simplifying payment methods, and clearly defining non-compoundable offenses. The objective is to encourage voluntary compliance, reduce the burden on legal and enforcement bodies, and align India’s regulatory practices with global standards.
This update explores the key aspects of these updated directions, their implications for businesses, and how they enhance transparency and efficiency in handling FEMA violations.
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