Archive · 12 Jan 2026
RBI Compounds FEMA Violations in Elsteel Modular Case
The Reserve Bank of India (RBI) has settled a case with Elsteel Modular India Private Limited for some mistakes the company made with foreign money.
The company didn't report some payments on time, which is against the rules.
The Enforcement Directorate (ED) looked into it and said it was okay to settle.
The RBI then allowed the company to pay a fine of Rs.
14,200 to close the case.
This means the company doesn't have to go to court, and no more legal action will be taken against them.
Compounding is like a way to fix small mistakes by paying a fee instead of going to trial.
RBI issued a compounding order under FEMA for Elsteel Modular India Private Limited.
The company was accused of late reporting of foreign inward payments worth over Rs. 1.21 crore.
ED investigated the case and gave 'No Objection' for compounding.
RBI compounded the violation with a one-time payment of Rs. 14,200 on December 12, 2025.
The adjudication proceedings against the company have been terminated.
- Who
- Elsteel Modular India Private Limited and its directors/officers
- What
- Compounding of FEMA violations for late reporting of foreign inward payments
- When
- Compounding order issued on December 12, 2025
- Where
- New Delhi, India
- Why
- To settle the violation and terminate adjudication proceedings
- Company
- Elsteel Modular India Private Limited
- Violation
- Late reporting of foreign inward payments
- Amount Involved
- Rs. 1.21 crore
- Compounding Fee
- Rs. 14,200
- Date of Compounding Order
- December 12, 2025
- Authorities Involved
- Reserve Bank of India (RBI), Enforcement Directorate (ED)