The Foreign Exchange Management Act, 1999 (FEMA) is an act of the Parliament of India to consolidate and amend the laws relating to foreign exchange with the objective of facilitating external trade & payments and promoting the orderly development and maintenance of foreign exchange market in India.
Section 15 of Foreign Exchange Management Act (FEMA), 1999 empowers Reserve Bank of India to compound any contravention made under Section 13 of Fema, 1999 except the contraventions under section 3(a).
Compounding refers …
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