Case Brief
The Reserve Bank of India imposed a monetary penalty on Citibank N.A. under Section 11(3) of FEMA, 1999. The penalty was for contravention of RBI directions concerning reporting of transactions undertaken under the Liberalized Remittance Scheme. RBI issued a show-cause notice, considered the bank’s written reply and oral submissions, and concluded that the contraventions were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 36.3 L
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date