law: Payment and Settlement Systems Act, 2007
  31. Power to compound
  
  offences. -
  1.  
  
    Notwithstanding
  
  anything contained in the Code of Criminal Procedure, 1973, 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.