Section 31
Power to compound offences.
The Payment and Settlement Systems Act, 2007
About this Act
An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.
(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.
(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.