The Enforcement Directorate clarified Fema's role as civil legislation for voluntary compliance. Reserve Bank of India is the competent authority for compounding eligible contraventions. The ED issues a no-objection certificate to the central bank for compounding offenses. RBI recently closed a Fema case against Apothecon Pharmaceuticals after a penalty. This action follows master directions prescribing a compounding matrix for determining amounts.
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Times of India
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