Notification No. G.S.R.609(E) Dt. 13/09/2004

Foreign Exchange Management (Compounding Proceedings) (Amendment) Rules, 2004

In exercise of the powers conferred by section 46 read with sub-. section (1) of section 15 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes following amendments to the Foreign Exchange Management (Compounding Proceedings) Rules, 2000, namely:

1. (1) These rules may be called the Foreign Exchange Management (Compounding Proceedings) (Amendment) Rules, 2004:

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Foreign Exchange Management (Compounding Proceedings) Rules 2000 –

(1) In rule 4, for the portion beginning with brackets, figure and words " (1) If any person", and ending with the words "such contravention may be compounded", the following shall be substituted, namely:

"(1) If any person contravenes any provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) except clause (a) of Section 3 of that Act".

(2) In rule 5, for the portion beginning with brackets, figure and words

"(1) If any person", and ending with the words "such contravention may be compounded", the following shall be substituted, namely:

"(1) If any person contravenes provisions of section 3 (a) of the Foreign Exchange Management Act".

Sd/-
U. K. Sinha
Jt. Secy.

[No. F 1/2/EM/04]

Foot Note:- The Principal rules were published in the Gazette of India, Part - II , Section 3, sub-section (i) on the 3rd day of May, 2000 vide G.S.R. 383 (E) dated the 3rd May 2000 and subsequently amended vide G.S.R. Number 443 dated 2nd November 2002.

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