Proposal for RBI Compounding Application
Starting From Rs.6899
All inclusive price
Company registration with 2 DSC, 2 DIN, MOA , AOA, all related government fee & stamp duty*, PAN, TAN, ESI & PF registration, bank account opening, Commencement of Business and LEDGERS accounting software. Inclusive of all government fees and taxes.
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PROPOSAL FOR RBI COMPOUNDING APPLICATION
To “compound” means “to settle a matter by money payment, in lieu of any other liability.” This clearly describes the concept of compounding as a mechanism that offers the offender an opportunity to avoid prosecution from the offence committed by him after paying off a monitory payment.
Compounding of an offence in context of the law means an amicable/cordial settlement for the purpose of avoiding prosecution for an offence, nevertheless, compounding is not an intrinsic right but delegated/provided by the respective Act under which the offence has been committed
Basic Concepts
1. As far as the Foreign Exchange Management Act, 1999 (FEMA), the provisions of section 15, permit compounding of contraventions and empowers the Reserve Bank of India (RBI) to compound any contravention as defined under the Section 13 of FEMA, except contraventions under Section 3 (a) of FEMA, on an application made by the person committing such a contravention.
Moreover, where a contravention has been compounded as given above, there can’t be any further initiating, proceeding, or continuing, as the case may be, in respect of the contravention so compounded.
2. The provisions of Section 13, states that if any person contravenes any provision of the FEMA, or any notification, rule, regulation, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorization is issued by the RBI, they shall, upon adjudication, be liable to a penalty up to three times the sum involved in such contravention, where the amount is quantifiable or up to rupees two lakhs, when the amount is not directly quantifiable and when the contravention is a continuing one, further penalty which may extend to rupees five thousand for every day after the first day during which the contravention continues.
3. However, in exercise of the powers conferred by Section 46 read with sub-section (1) of Section 15 of FEMA, Central Government had made the Foreign Exchange (Compounding Proceedings) Rules, 2000 relating to the compounding contraventions under chapter IV of FEMA which were effective from 03.05.2000.
DOCUMENTS REQUIRED FOR RBI APPLICATION
GOOD NEWS! JUST SOME BASIC DOCUMENTS. JUST SEE OUR CHECKLIST BELOW:
Memorandum received from RBI
All the FIRC’s & FDI report filed with RBI
Board resolutions in respect of item 2
FCGPR & allotment filed with RBI & ROC
Previous compounding offences, if any
Litigations
Procedure for RBI Compounding Application
Preparing the compounding application and submitting to the regional office of the RBI
Getting the order and paying the penalty with RBI
FAQS ON RBI COMPOUNDING APPLICATION
Is it mandatory to file the RBI Compounding Application?
Yes, if you have received any Memorandum from the RBI for delayed reporting, then unless the application has been filed, RBI will not approve the forms filed with them.
Do I have to attend for personal hearing?
We will take care of the entire process from filing the application and getting the order. You need not appear for the hearing.
What if I fail to pay the penalty?
The penalty prescribed in the order has to be cleared within 15 days, failing which the entire process will not be considered and Directorate Enforcement will take over your case where the consequences will be severe in nature.
WHY VAKEELJI
1K BUSINESSES MONTHLY
We complete the secretarial jobworks for over 1000 companies and LLPs every month with a small team, by leveraging our tech capabilities. Come on board and experience convenience.
9.1 CUSTOMER SCORE
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
160 STRONG TEAM
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
A Step-by-Step Guide to Company Registration Process
We can incorporate a company in less than ten days, subject to government processing times and availability of all documents.
Step 1: Dedicated incorporation expert assigned for the engagement
Step 2: Collection of information and documents for company registration from client
Step 3: Application submitted for digital signatures to eMudhra
Step 4: Name approval request submitted to MCA
Step 5: Incorporation documents drafted based on the MCA approved name
Step 6: Signing of incorporation documents by all Directors & Shareholders
Step 7: Submission of incorporation documents to MCA for approval
Step 8: Company incorporated with incorporation certificate & PAN
Step 9: Other process or services begin as per customer requirement
Documents required for Company Registration
To register a company, various documents are to be submitted to the MCA as follows:
PAN Card: PAN Card copy of the proposed Directors of the Company will be required for Company Registration.
Address Proof: The address proof submitted must have the name of the Director as mentioned in the PAN Card and the most current address of the Director.
Residential Proof: The residential proof must also contain the name of the Director as mentioned in the PAN Card and must not be older than two months.
Registered Office Proof: In addition to providing identity, address and residential address for the Directors, proof must be provided to validate the registered office address of the Company.
- The registered document of the title of the premises of the registered office in the name of the company; OR
- The notarized copy of lease / rent agreement in the name of the company along with a copy of rent paid receipt not older than one month;
In addition to the above, the following must also be provided as proof of registered office:
- The authorization from the Landlord (Name mentioned in the Electricity Bill or Gas Bill or Water Bill or Property Tax Receipt or Sale Deed) to use the premises by the company as its registered office. This is usually referred to as NOC from Landlord; AND
- Proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner or document, which is not older than two months.
Reasons to Register a Company in India
Separate Legal Entity
Separate Legal Entity
Separate Legal Entity
Separate Legal Entity
Separate Legal Entity
Separate Legal Entity
What is the Price I Need to Pay for Registering a Company?
Pay as you go grow pricing
All Inclusive Pricing - No Hidden Fee
Basic
2 Digital Signature - 2 Year Validity 1
2 Director Identification Numbers
Name Approval 2
Authorised Capital Fee 3
Incorporation Fee
Stamp Duty 4
PAN & TAN
LEDGERS Billing Software 5
Bank Account Opening
Commencement of Business
Basic
2 Digital Signature - 2 Year Validity 1
2 Director Identification Numbers
Name Approval 2
Authorised Capital Fee 3
Incorporation Fee
Stamp Duty 4
PAN & TAN
LEDGERS Billing Software 5
Bank Account Opening
Commencement of Business
Basic
2 Digital Signature - 2 Year Validity 1
2 Director Identification Numbers
Name Approval 2
Authorised Capital Fee 3
Incorporation Fee
Stamp Duty 4
PAN & TAN
LEDGERS Billing Software 5
Bank Account Opening
Commencement of Business
- Digital signatures from eMudhra with 2 year validity along with ePass 2003 token.
- Upto 4 name options can be given in 1 RUN name approval request.
- Authorised capital is the amount of shares a company can issue at anytime and can be increased further in the future. Paid-up capital is the amount invested by shareholder and can be even Rs.2.
- In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7500 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.10, 000 will be applicable.
- In case of Kerala, an additional stamp duty of Rs.3000 will be applicable.
Premium LEDGERS Accounting Software with GST Portal Integration and eWay Bill Software.
Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. IndiaFilings will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.
Additional Directors can be added for an additional price of Rs.999 – if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Director will be Rs.1999, inclusive of GST. - Additional authorised capital can be purchased if requried at time of incorporation.
- Incorporations from Maharashtra state will also receive complimentary Professional Tax Registration.
