All about the Equity Linked Savings Scheme & its Returns
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Read MoreCompounding is a process where the applicant committing any offence or contravention of any provision of the act file an application to the compounding authority that he has committed an offence, so that the authority can oversee the case, levy the penalty and provide the compounding order to make him free from the offences.
Application for Compounding of offences can be made only after completing all the compliances relating to the contravention made and also after obtaining all the approvals form the concerned authorities, if any.
Where the Reserve Bank of india considers that the Application made for compounding is incomplete for any reason or in case where the required approvals from the concerned authorities are not obtained, then the Compounding application shall be returned and the application fees of Rs.5000/-received along with the application will be returned by crediting the same to the applicant’s account through NEFT as per the ECS mandate and details as provided at the time of making compounding application.
The following are the indicative factors, that may be taken into consideration by the reserve bank of india for the purpose adjudging the quantum of sum on payment of which contravention shall be compounded and also in passing the compounding order:
the amount of loss caused to any authority/ agency/ exchequer as a result of the contravention
We offer all kinds of Consultancy and Compliances Services in relation to Compounding of offences under FEMA. We have empanelled various experts to provide the expert advisory and Compliances services for Compounding of offences under FEMA.
The services that we offer includes the following:
200+
550+
2009
700+
What if there is any change took place in address or contact details as provided in the compounding application ?
During the pendency of the compounding application with Reserve Bank, the applicants must bring to the notice of the compounding authority the change, if any, in the address or contact details of the applicant.
What will happen if the applicant has made an application for compounding without obtaining the prior approval from the concerned Authority?
In cases where proper approvals or permission from the Government or any statutory authority concerned, as the case may be, is required and which has not been obtained, then such contraventions would be compounded only after the required approvals are obtained from the concerned authorities.
What is the time Limit for Payment of Penalty for Compounding of offences?
The applicant must pay the penalty as specified in the compounding application within a period of 15 days from the day of compounding order.
What are the consequences of Non Payment of Penalty for Compounding of offences within the prescribed period ?
In case where the applicant fails to pay the sum compounded within the time specified in the compounding order then, it shall be deemed that the contravener had never made an application for compounding of any contravention.
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