Proposal for RBI Compounding Application

Proposal for RBI Compounding Application

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Most-preferred legal service provider for Proposal for RBI Compounding Application in India. Get the legal support and guidance you need today!

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About Proposal for RBI Compounding Application

“Compounding” refers to “Settling a matter by a money payment, instead of any other liability.” It describes the concept of compounding as a mechanism which offers an opportunity to the offender to avoid prosecution for the offense committed by him after paying off payment.

In the context of law compounding of an offense refers to an amicable settlement to avoid prosecution. From a legal perspective, compounding of an offence in context of the law means an amicable/cordial settlement for the purpose of avoiding prosecution for an offence, nevertheless, compounding is not an intrinsic right but delegated/provided by the respective Act under which the offence has been committed.

Furthermore, where a contravention has been compounded as given above, there cannot be any further initiating, proceeding, or continuing, as the case may be, in respect of the contravention so compounded. The procedure for RBI Compounding Application involves two steps- preparation of the compounding application and submitting it to the regional office of the RBI is one, and the next is getting the order and paying the penalty with RBI.

Section 15 of The Foreign Exchange Management Act, 1999 empowers the Reserve Bank of India (RBI) to compound any contravention as defined under the Section 13 of the same. 

Documents Required

  • Self Attested PAN Card copy
  • Self Attested copy of any one of the Identity Proof(Voter's ID/Passport/Driver's License)
  • Self Attested copy of Address Proof in the name of director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
  • Passport-sized photograph
  • Rent Agreement (Notarised: For rented property)
  • Sale Deed/Property Deed in English (in case of owned property)
  • No-objection Certificate from property owner
  • Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
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