Directions to authorised persons ensure foreign exchange compliance through payment controls, information requirements, and penalties for contraventions. Section 11 empowers the Reserve Bank to direct authorised persons on payments and acts relating to foreign exchange or foreign security to secure ... Summary
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Directions to authorised persons ensure foreign exchange compliance through payment controls, information requirements, and penalties for contraventions.
Section 11 empowers the Reserve Bank to direct authorised persons on payments and acts relating to foreign exchange or foreign security to secure compliance with foreign exchange law. It may require information in a prescribed manner. Contravention of directions or failure to file required returns may, after a reasonable opportunity of being heard, attract a penalty, including an additional daily penalty for continuing contravention.
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