Module: General Practice
Q29: The Foreign Exchange (Compounding Proceedings) Rules, 2024 also revised the application fee structure. What is the new fee required to be paid along with the application for compounding?
✅ Correct Answer: B
Old Fee: Under the 2000 Rules, the fee was a flat demand draft of ₹5,000.
New Fee (2024): The rules raised the application fee to ₹10,000 plus applicable Goods and Services Tax (GST). Digital Mode: Crucially, the new rules also explicitly allow payment via NEFT, RTGS, or other electronic modes, removing the archaic requirement for only Demand Drafts.
New Fee (2024): The rules raised the application fee to ₹10,000 plus applicable Goods and Services Tax (GST). Digital Mode: Crucially, the new rules also explicitly allow payment via NEFT, RTGS, or other electronic modes, removing the archaic requirement for only Demand Drafts.