The compounding of contraventions under FEMA that is Foreign Exchange Management Act(FEMA), 1999 is a voluntary procedure according to which a candidate can approach compounding of an admitted contravention through any kind of provision of FEMA, 1999 under Section 13(1) of the FEMA, 1999. The RBI that is Reserve Bank of India has amended the process of compounding of contraventions under the FEMA vides A.P. (DIR Series) Circular, dated since, June 28, 2010. In addition, it offers certain some guidelines and framework. Are you looking for similar service? Get going with this piece of information to know more.

There are many companies which are offering RBI / FEMA Services, service tax refund in delhi depending upon the requirements of the people. It is quite known fact that the rules made under the FEMA, 1999 are complicated and as a result, there are chances of varied unwanted violations. Looking at this RBI has updated its processes in order to deal with these cases. Then it condones the delay either with or without any form of fine. This compounding of the contravention under the FEMA came into being by the RBI by implementing simplified processes for compounding since February 1, 2005. This is done to offer convenience to the people of the country and corporate communities.

This is done by reducing transaction costs and taking into consideration the willful, mala fide and fraudulent transactions as well. What more, RBI has made a decision to incorporate an updated process for compounding of contraventions under the FEMA. The main aim intention of the RBI is to streamline the process for compounding in order to enhance transparency. It also effects easy implementation of the process of compounding. The Foreign Exchange Management Act is not any kind of a revenue law. The main objective of the compounding process is to help people to avoid any form of repetitive lapses. RBI doesn't aim to be tough for the common man who is likely to make the mistakes due to lack of adequate knowledge regarding the complicated rules.

Are you looking for service providers? You can take the help of Internet and find out the companies engaged in this job. There is an array of service providers, service tax consultant, STPI Consultant in delhi who are engaged in assisting a number of people who find themselves on cross roads. If you are in the same position, then, do not wait. Just get going with the Internet and find out the solutions and more about compounding. Get going right away!

Author's Bio: 

Anil Mahajan is a recognized Service Tax Consultant in Delhi and offers financial suggestions on Due Diligence, Corporate Strategy and Corporate Finance Services In Delhi, to all big and small firms located in NCR, India.