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Section 31: Power to compound offences.

The Payment and Settlement Systems Act, 2007Central Act · Act 51 of 2007

(1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), any offence punishable under this Act for any contravention, not being an offence punishable with imprisonment only, or with imprisonment and also with fine, may, on receipt of an application from the person committing such contravention either before or after the institution of any proceeding, be compounded by an officer of the Reserve Bank duly authorised by it in this behalf.

(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.

Where this provision sits

ActThe Payment and Settlement Systems Act, 2007
Section31
Marginal notePower to compound offences.
JurisdictionCentral
StatusIn force as published by the source

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