ED clarifies RBI is sole authority to compound FEMA offences, not ED

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The Enforcement Directorate has clarified that the Foreign Exchange Management Act is a civil law designed for voluntary compliance, not criminal enforcement. Under FEMA, the Reserve Bank of India holds the authority to compound eligible contraventions, while the ED's role is limited to issuing a no-objection certificate to the RBI for such cases. The RBI recently resolved a FEMA case against Apothecon Pharmaceuticals following the imposition of a penalty. These proceedings are guided by RBI master directions that outline a compounding matrix used to determine penalty amounts.

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