The Reserve Bank of India ("RBI"), India's central bank has granted additional compounding powers under the Foreign Exchange Management Act, 1999 ("FEMA"), to its regional offices across the country. Further, RBI has also re-aligned the jurisdiction of regional offices in respect of certain contraventions. This is part of the recent trend towards delegating compounding powers to regional offices which was, hitherto, concentrated with RBI's central office in Mumbai. This should be a welcome move as it may lead to an efficient and effective resolution of compounding proceedings. This alert by Nishith Desai Associates explains the new procedures.
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