Once a contravention is compounded under s.15(2), further proceedings for it are
AReferred to the Tribunal
BBarred from continuing
CStayed for a year
DStarted afresh later
Answer & Solution
Correct answer: B. Barred from continuing
Section 15(2) provides that no proceeding or further proceeding shall be initiated or continued for a compounded contravention.
Keep practising Foreign Exchange Management Act 1999
Browse all Foreign Exchange Management Act 1999 questions for CA Final, or explore more Law topics.
Related questions
Notifications suspending the Act's operation are laid before Parliament for a total periodFEMA repealed which earlier Act?For s.42, a director in relation to a firm meansUnder s.42, he escapes liability if he proves no knowledge orUnder s.42, a person in charge of a company at the time of contravention isWho gives general directions to RBI under FEMA?Under s.37(3), enforcement officers exercise powers like those ofUnder s.37, investigation of a s.13 contravention is by officers not below