Master Direction-Compounding Contraventions under FEMA-1999-RBI. Power, Delegation, Authorisation, Application and Pre-requisite. Reserve Bank of India RBI/FED/2015-16/1 FED Master Direction No.4/2015-16 January 1, 2016 To, All Authorised Dealer Category – I banks and Authorised banks Madam / Sir, Master Direction- Compounding of Contraventions under FEMA, 1999 The provisions of section