RBI slaps fine on 5 foreign banks for violating FEMA rules

Posted on:23 Dec 2016 09:41:42
RBI slaps fine on 5 foreign banks for violating FEMA rules
23 December 2016 Current Affairs: The Reserve Bank of India (RBI) has penalised five foreign banks a total of Rs 60,000 for violation of the central bank's instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). 

Germany's Deutsche Bank was penalised the highest Rs 20,000 while US' Bank of America-Merrill Lynch, UK's Royal Bank of Scotland, Japan's Bank of Tokyo Mitsubishi and UK's Standard Chartered were asked to pay a fine of Rs 10,000 each. 

The Reserve Bank had issued a show cause notice to the banks, in response to which the banks submitted written replies and also made oral submissions thereon. After considering the facts of the cases and the banks' replies in the matter, Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.

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