By way of a circular dated 16 October, the Reserve Bank of India (RBI) has delegated additional compounding powers under the Foreign Exchange Management Act, 1999 (FEMA), and the Foreign Exchange (Compounding Proceedings) Rules, 2000, to its regional offices (except Kochi and Panaji).
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On 4 April, the RBI had delegated similar powers even in the context of delays in filing form FC-GPR after the issue of shares, delays in the issue of shares, refunds of share application money beyond 180 days, mode of receipt of funds, etc.
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