RBI fines HSBC over FEMA violations | India News

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MUMBAI: RBI on Wednesday imposed a positive of Rs 36.4 lakh on international lender HSBC for Foreign Exchange Management Act (FEMA) violations. RBI mentioned reporting necessities underneath the Liberalised Remittance Scheme of FEMA, 1999 weren’t adopted by HSBC. RBI had issued a present trigger discover to HSBC, in response to which the financial institution submitted a written reply and in addition made oral submissions.“RBI came to the conclusion that the violations were substantiated and warranted imposition of a penalty,” it mentioned. companies


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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