The Reserve Bank of India (RBI) has issued compounding orders under Section 15 of FEMA against Sai Rayalaseema Paper Mills, Cigniti Technologies, and ZIFY Tech Solutions, allowing them to settle violations with one-time payments.
Foreign exchange violation proceedings against Apollo Hospitals Enterprises Ltd and five directors have been closed after an RBI compounding order. The company paid Rs 17.76 crore and the directors paid penalties, bringing FEMA adjudication proceedings and related litigation to an end
A press release issued by the central agency said the above entities were exporting rough granites blocks to China, Hong Kong S.A.R, China and other countries.
