To make life easier for (AD Category – I) banks and their constituents, Reserve Bank of India, vide a Notification dt.13/12/2011, RBI has decided to delegate the powers to the Regional Offices of the Reserve Bank of India mentioned below to compound the contraventions of FEMA involving .
(i) delay in reporting of inward remittance,
(ii) delay in filing of form FC-GPR after allotment of shares and
(iii) delay in issue of shares beyond 180 days (viz. paragraphs 9(1)(A), 9(1)(B) and 8, respectively, of the Schedule I to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified vide Notification No. FEMA 20/2000-RB dated 3rd May 2000 and as amended from time to time:
The monetary limits for various RBI Regional Offices, is set as under : –
a) Bhopal, Bhubaneshwar, Chandigarh, Guwahati, Jaipur, Jammu, Kanpur, Kochi, Patna and Panaji for amount of contravention below Rupees One hundred lakh only (Rs. 1,00,00,000 /-).
b) Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi for amount of contravention without any limit..
There is no specified format for (AD Category – I) banks and their constituents, while applying to RBI, resulting in unnecessary correspondence to collect requisite detials from (AD Category – I) banks and their constituents, before proceeding with the Application. .
Hence, RBI has also prescribed model data requirement in cases relating to,
Overseas Direct Investment and Branch Office / Liaison Office,
as applicable, along with an undertaking that they are not under investigation of any agency such as DOE, CBI, etc., a copy of the Memorandum of Association and latest audited balance sheet , while applying for compounding of contraventions under FEMA, 1999.