RBI Compounds FEMA Violations by ZIFY Tech Solutions; Proceedings Closed
- The Reserve Bank of India (RBI) has issued a compounding order under Section 15 of the Foreign Exchange Management Act (FEMA), 1999 against ZIFY Tech Solutions Private Limited.
- The order, dated 10 June 2026, follows a "No Objection" from the Directorate of Enforcement (ED) and results in the closure of proceedings related to FEMA contraventions.
- The violations pertained to:
- Delay in reporting foreign inward remittances.
- Delay in filing Form FC-GPR after the issuance of shares.
- Following the investigation, the company applied to RBI for compounding of the violations under FEMA provisions.
- RBI approved the compounding after receiving ED's no-objection and imposed a one-time payment of ₹26,080.
- With the payment, adjudication proceedings and any further litigation related to these FEMA violations stand terminated.
