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Following are the contraventions which cannot be compounded under the Act:
The purpose to bring this Act was to simplify the foreign exchange regulatory regime in India and to facilitate external trade and payments and maintenance of foreign exchange. However, over a course of time, due to numerous procedural and filing requirements that have been introduced under the Act by way of executive rule making has made the filling requirements under the Act more complicated instead of simplifying the same. Because of the complicated procedural and filing requirements, many breaches occur which are merely technical in nature, and most of them do not involve a malafide intent or deliberate default. Looking at this scenario maybe it’s time for RBI to re-consider the need of complicated procedural and filing requirements under the Act. Simplifying such requirements and doing away with the non-critical ones will go a long way towards clearing the regulatory maze and the ease of doing business in India.
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