Forex Rule violation: RBI slaps fine on five banks
As per the RBI statement, the banks are Bank of America,Bank of Tokyo Mitsubishi,Deutsche Bank,The Royal Bank of Scotland and Standard Chartered Bank.
The Bank said: "The penalties have been imposed in exercise of the powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA 1999, taking into account, the violations of the instructions/directions/guidelines issued by the Reserve Bank of India, from time to time."
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.
Image: Wikimedia Commons
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