OCPM Ltd has been compounded by RBI's order for the offences committed by the Company under FEMA on January 31, 2022. The Company has preferred an appeal against this order on March 1, 2022. The Company has again committ

According to Rule 5(2) of Foreign Exchange (Compounding Proceedings) Rules, 2000 (the rules), a contravention committed by any person within a period of three years from the date on which a similar contravention committed by him was compounded under these rules cannot be compounded. However, any second or subsequent contravention committed after the expiry of a period of three years from the date on which the contravention was previously compounded shall be deemed to be a first contravention and can therefore be compounded. Further, as per rule 11 of the rules , no contravention shall be compounded if an appeal has been filed under section 17 or section 19 of Foreign Exchange Management Act, 1999. In view of these provisions, RBI cannot initiate compounding process for the subsequent violation separately as the time limit of 3 years has not been completed.