Inspection powers over authorised persons permit verification, information collection, and enforcement compliance through mandatory production of records. Section 12 empowers the Reserve Bank to inspect an authorised person's business through an officer specially authorised in writing. Inspection may verify ... Summary
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Inspection powers over authorised persons permit verification, information collection, and enforcement compliance through mandatory production of records.
Section 12 empowers the Reserve Bank to inspect an authorised person's business through an officer specially authorised in writing. Inspection may verify information furnished, obtain information previously required but not supplied, or secure compliance with the Act and applicable rules, regulations, directions and orders. Authorised persons, and directors, partners or officers of companies or firms, must produce relevant books, accounts and documents and furnish required statements or information within the time and manner directed.
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