Compounding of contraventions under FEMA is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA under s 13(1) of FEMA. Compounding saves the person from legal proceedings being initiated against him. Compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. Under FEMA any person who has contravened the provisions of the Act or any Rules, Regulations etc . can apply for compounding.
We at Taxpert Professionals ensure that if there is any non-compliance with respect to FEMA compliance of our clients we provide the services as mentioned below:
- Ensure that all the pre-requisites of Compounding is complied,
- Taking proper approval before filing application,
- Making Compounding Application,
- Drafting of Compounding Application,
- Following up with RBI officials.