delay in reporting of Form FC-GPR

    Posted By : Shiriti / Published on : 11-Apr-2018 04:07 PM / View : 83 / Comment : 0
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    There was delay in reporting of Form FC-GPR in three allotments. RBI issued advisory to get the delay in second allotment compounded and necessary application was made and compounding order was received and fee deposited. Details of all the three delays were stated in RBI compounding order and authority took a lenient view and compounded the second allotment delay. There was no inverse reference in the entire order. During investigation, ED stated that RBI's compounding order has not compounded the first and third allotment delay and now the show cause notice is issued. We met with concerned officer at RBI and he categorically informed that RBI's compounding covers all the defaults mentioned in the order and there is no default for which compounding is pending as the company has disclosed all the information and the same are reproduced in order also. Thus it is the wisdom of authority to take a lenient view and not charge fee for other defaults. We need to submit out written replies against SCN of ED. Can you please help me with some case law/ any other view point so that we can accordingly approach ED.
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