What is the Power to compound contravention? Section 15 of FEMA Act 1999
15. (1) Any contravention under section 13 may, on an application made by the person committing such contravention, be compounded within one hundred and eighty days from the date of receipt of application by the Director of Enforcement or such other officers of the Directorate of Enforcement and Officers of the Reserve Bank as may be authorised in this behalf by the Central Government in such manner as may be prescribed.
(2) Where a contravention has been compounded under sub-section (1), no proceeding or further proceeding, as the case may be, shall be initiated or continued, as the case may be, against the person committing such contravention under that section, in respect of the contravention so compounded.
CHAPTER II
REGULATION AND MANAGEMENT OF FOREIGN EXCHANGE
Section 3 - Dealing in foreign exchange, etc
Section 4 - Holding of foreign exchange, etc
Section 5 - Current account transactions
Section 6 - Capital account transactions
Section 7 - Export of goods and services
Section 8 - Realisation and repatriation of foreign exchange
Section 9 - Exemption from realisation and repatriation in certain cases
CHAPTER III
AUTHORISED PERSON
Section 10 - Authorised person
Section 11 - Reserve Bank's powers to issue directions to authorised person
Section 12 - Power of Reserve Bank to inspect authorised person
CHAPTER IV
CONTRAVENTION AND PENALTIES
Section 14 - Enforcement of the orders of Adjudicating Authority
Section 15 - Power to compound contravention
Section 16 - Appointment of Adjudicating Authority
Section 17 - Appeal to Special Director (Appeals)
Section 18 - Establishment of Appellate Tribunal