TaxTMI 
TaxTMI 
RBI slaps fine on 5 foreign banks for violating FEMA
X X X X Extracts X X X X
X X X X Extracts X X X X
....BI slaps fine on 5 foreign banks for violating FEMA <br>News and Press Release<br>Dated:- 22-12-2016<br><BR>Mumbai, Dec 21 (PTI) The Reserve Bank today imposed penalty on five foreign banks, including....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA. The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Bank of Scotland. RBI said they have been fined for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). Germany's Deutsche Bank has been....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... imposed fine of ₹ 20,000, while Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland and Standard Chartered Bank have been fined ₹ 10,000 each. "The penalties have ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 issu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed by the Reserve Bank of India, from time to time," RBI said. RBI said it has issued show cause notices to all the banks, in response to which the banks submitted written replies and also made ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 warra....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nted imposition of penalty," RBI said further.<BR> News - Press release - PIB....