Case Brief
The Reserve Bank of India imposed monetary penalties on five authorised dealer banks: Bank of America, Bank of Tokyo Mitsubishi, Deutsche Bank, The Royal Bank of Scotland, and Standard Chartered Bank. The penalties were imposed for violation of RBI instructions on reporting requirements under the Foreign Exchange Management Act, 1999. RBI issued show-cause notices, considered the banks’ written and oral replies, and concluded that the violations were substantiated and warranted penalty under Section 11(3) of FEMA, 1999.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Bank
- Action Type
- Monetary penalty