If the company has done non-filing of Form FC_GPR, then should it go for compounding of offence?
Jaideep
(Service)
(1368 Points)
Replied 13 June 2013
Yes, Company has to go for comunding of offences.
Regards
Jaideep Pandya
Zeel Shah
(Management Trainee)
(67 Points)
Replied 13 June 2013
Ok thank you, should I be looking at any specific section/rule?
Jaideep
(Service)
(1368 Points)
Replied 13 June 2013
Hi Zeel,
Regional Offices of the Reserve Bank of India are authorised 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
Accordingly, all applications for compounding whether received on the advice of the Regional Office concerned or suo-moto, relating to the contraventions may be submitted by the companies falling under the jurisdiction of the respective Regional Offices directly to the Regional Office concerned, together with the prescribed fee and other relevant documents.
The form given as Annex – I to the A.P.(DIR Series) Circular No. 56 dated June 28, 2010 issued by the Reserve Bank ofIndia, can be used for applying for compounding. The same can also be downloaded from the Reserve Bank’s website by clicking on the link i.e.https://www.rbi.org.in/Scripts/BS_ApCircularsDisplay.aspx.
Please refer Compounding of Contraventions under FEMA, 1999
Hope information will help you.
Regards
Jaideep Pandya
CAclubindia
