Fin min notifies foreign exchange compounding proceedings rules 2024
This story was originally published at 18:06 IST on 12 September 2024
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NEW DELHI – The finance ministry today notified the Foreign Exchange (Compounding Proceedings) Rules, 2024, superseding the existing rules, which were issued in 2000. The new rules will help simplify and promote foreign investments, the ministry said.
"As part of a broader initiative to streamline and rationalise existing rules and regulations to further facilitate ease of doing business, the compounding proceeding rules were comprehensively reviewed in consultation with the Reserve Bank of India," the ministry said in a release.
The new rules focus on faster and more streamlined processing of compounding applications. The government has also introduced digital payment options for application fees and compounding amounts.
According to the RBI, contravention is a breach of the provisions of the Foreign Exchange Management Act, 1999, and compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. End
Reported by Shubham Rana
Edited by Avishek Dutta
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