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The Reserve Bank of India said the powers to compound certain contraventions, including delay in reporting inward remittances received for issue of shares and violation of pricing guidelines, will now be vested with its regional offices (ROs).
The other contraventions that can be dealt with by the ROs include delay in filing forms relating to foreign collaboration-general permission route after issue of shares; and delay in issue of shares/refund of application money beyond 180 days and mode of receipt of funds, among others. Further, the RBI offices also have the powers to compound contraventions such as issue of shares without approval of RBI or Foreign Investment Promotion Board respectively, wherever required; and issue of ineligible instruments such as non-convertible debentures, partly-paid shares, etc.
The RBI said the above mentioned contraventions can be compounded by all ROs (except Kochi and Panaji) without any limit on the amount of contravention. Kochi and Panaji ROs can compound the above contraventions for amounts below ₹1 lakh.
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