Compounding application to RBI

[Sarvajit S. Yadwad]

Dear All,

Has anyone filed compounding application to RBI for delay in refund of excess money ? If so, kindly provide the draft documents.

Thanks & Regds,

CS Sarvajit S. Yadwad

9765144257

[SECRETARIAL COMPLIANCE, VKB]

HI If anyone filed an application to RBI for delay in filing FCGPR pls share the drafts

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with regards

Company Secretary

Vijay K. Bhalla & Co.

9599910439

[Manupreet Batra]

There is no need to file a compounding application. You just have to pay late submission fees which RBI will mention at the time of granting approval. Please check with your AD Bank

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[CS A Rengarajan]

In one of the case they have specifically mentioned to file compounding for delay in filing fcgpr   regards

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[Puneet Abrol]

Lsf is applicable for transactions undertaken on or after November 2017. In case FG-GPR filing pertains to period prior to that, you don’t have an option to pay LSF and will be directed to go for Compounding by RBI in FC-GPR approval email.

On 09-Aug-2022, at 14:59, Manupreet Batra <csms...@gmail.com> wrote:



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[Devansh Garg]

In the autofirms approval email it is clearly mentioned whether compounding or lsf has to follow.

Devansh Garg 

Company Secretary

9990489861 

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[CS A Rengarajan]

My case  it is after 2017 only  and  clearly stated in the FCGPR  approved   subject to compounding application 

Regards

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A. Rengarajan

Practising Company Secretary

Rengarajan& Associates

( Formerly Arub & Associates)

Mobile 9381011200 /8072763129

[Devansh Garg]

so u have to apply for a compounding application.

Devansh Garg 

Company Secretary

9990489861 

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[Devansh Garg]

I also did the same.

Devansh Garg 

Company Secretary

9990489861 

[CS A Rengarajan]

We have already applied and cleared the same

regards

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[Itisha Ghorawat]

Wasn't you given a option to pay LSF. As compounding comes into picture when the entity fails to pay the LSF within 15days of approval.

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[SECRETARIAL COMPLIANCE, VKB]

My transaction is of Last Year received this in email

important Instructions: 1. If the applicant is subjected to payment of Late Submission Fee (LSF)/ compounding, as indicated in the remarks, this acknowledgement shall be treated as conditional subject to payment of LSF/compounding. 2. The above return has been approved for the statistical purposes, based upon the information and documents as provided in the form. If any information/ documents is found to be incorrect/ forged, the company will be liable for the same and would be subjected to any action as deemed necessary under the extant guidelines/ Regulations. 3. It may please be noted, if the Compounding authority has initiated or intends to initiate any proceedings under the Foreign Exchange Management Act 1999, this acknowledgement will not have any effect on such action or on any ongoing/future investigation being conducted by the Directorate of Enforcement or any other investigating agency for the alleged violation of FEMA, 1999 or any other laws/regulations. 4. This acknowledgement shall not be construed to convey the approval by any other statutory authority or Government under any other laws / regulations. If further approval or permission is required from any other regulatory authority or Government under the relevant laws / regulations, the applicant should take the approval of the concerned agency before effecting the transaction. Further it should not be construed as regularising or validating any irregularities, contravention or other lapses, if any, under the provisions of any other laws / regulations. 5. Reserve bank reserves its rights to call for any further details from the company, including any documents it may deem fit as well as reject the application in view of any discrepancies found later on.

Wherever the entity is subject to compounding , the following instructions may be followed:

6. In terms of Section 15 of the Foreign Exchange Management Act 1999 (the FEMA), any contravention under Section 13 may, on an application by the person committing such contravention, be compounded as referred to in the said section. Further, in terms of Rule 4(1) of Foreign Exchange (Compounding Proceedings) Rules, 2000 Reserve Bank is empowered to compound contraventions except those covered under section 3(a) of FEMA, 1999 and provided that the amount involved in such contravention is quantifiable. 7. The detailed guidelines for compounding of contraventions under FEMA, 1999 are available in the FED Master Direction No. 4 /2015-16 dated January 1, 2016. It may be noted that compounding is a voluntary process. In case an applicant desires to apply for compounding, the application in the prescribed format along with the prescribed fees together with supporting list of documents available as per the instructions contained in the above Master Directions may be submitted to Regional Offices concerned/ FED, CO Cell, New Delhi/ CEFA, FED, Central Office. If no application is submitted, it shall be deemed that you do not wish to avail the facility of compounding and other provisions of FEMA, 1999 shall apply. 8. The process of completion of administrative actions, reporting of transactions in the manner as laid down under FEMA regulations and compliance with regulatory filings is a pre-requisite for filing a compounding application. The compounding application shall be examined, processed and disposed on merits by the Bank on the basis of the extant provisions of the Foreign Exchange (Compounding Proceedings) Rules, 2000 and the Master Directions issued by the Reserve Bank in this regard.

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[SECRETARIAL COMPLIANCE, VKB]

yes, I need draft for this

On Tue, 9 Aug 2022 at 15:54, Devansh Garg <devan...@gmail.com> wrote:

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