I've tried the below code and awesome it worked perfectly
well without even a single error. I directly applied this to my program which I
had done already and it worked great. I thank Hutch for providing me the code.

Although I've this excellent code, I want to do something more in this. Actually
in Visual Basic we can make the form  transparent but the controls like label,
command buttons and others can be visible as such with full opacity. But here in
Excel VBA along with userform all other controls placed in the form is also
getting faded and transparent. I don't want those to be transparent. Only the
form can be semi transparent and I want this to effect only on the userform and
not on the other controls palced in the form.

Kindly advice me how to acheive this.