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of <h1>RBI Empowered to Regulate Foreign Exchange Transactions with Comprehensive Oversight and Penalty Mechanisms Under Section 11</h1> The Reserve Bank of India has broad powers under Section 11 of the Foreign Exchange Management Act to issue directions to authorized persons regarding foreign exchange transactions. These powers include: (1) giving directions on payments and foreign exchange activities, (2) requiring information submission, and (3) imposing penalties up to 10,000 rupees for non-compliance, with additional daily penalties of 2,000 rupees for continuing violations. The provisions aim to ensure regulatory compliance and control over foreign exchange operations.
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