Foreign Exchange (Compounding Proceedings) Rules, 2024

The Ministry of Finance issued new rules governing compounding proceedings under the Foreign Exchange Management Act, 1999, replacing the earlier 2000 rules. Key changes include increased application fees from ₹5,000 to ₹10,000 plus GST, introduction of digital payment options (NEFT, RTGS), enhanced monetary limits for RBI officers to compound offences, and stricter guidelines for serious contraventions suspected of money laundering or terror financing