https://www.taxtmi.com/news?id=11611 Contravention of directions under the Banking Regulation Act constitutes an offence and attracts monetary penalties: a one-time fine for each contravention and a continuing daily penalty while the contravention persists. The Banking Laws (Amendment) Act, 2012 substantially increased fines to establish an effective and dissuasive penalty regime and to strengthen regulatory and supervisory powers, and there is no proposal for further rationalisation of the penalty regime. en-us Tue, 27 Aug 2013 16:20:05 +0530 Tue, 27 Aug 2013 16:20:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11611 Contravention of directions under the Banking Regulation Act constitutes an offence and attracts monetary penalties: a one-time fine for each contravention and a continuing daily penalty while the contravention persists. The Banking Laws (Amendment) Act, 2012 substantially increased fines to establish an effective and dissuasive penalty regime and to strengthen regulatory and supervisory powers, and there is no proposal for further rationalisation of the penalty regime. News - Tue, 27 Aug 2013 16:20:05 +0530 https://www.taxtmi.com/news?id=11611