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BUSINESS AND ECONOMY - December 2023

Dec 2023

Dec 01, 2023

RBI Imposes Penalty on HDFC Bank, Bank of America for Violating FEMA Norms

  • The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 10,000 each on HDFC Bank and Bank of America, citing a violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA).
  • RBI fined HDFC Bank, a leading private sector bank, for accepting deposits from non-residents and flouting RBI's directions under the Liberalised Remittance Scheme of FEMA, 1999.
  • The Reserve Bank of India imposed a monetary penalty of Rs. 10,000 (Rupees ten thousand only) on Bank of America, N.A. in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of the Reserve Bank of India's instructions on reporting requirements under the Liberalised Remittance Scheme of FEMA 1999.
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