RBI Slaps Rs36.38 Lakh Fine on HSBC for Violations in Remittance Reporting
Moneylife Digital Team 30 May 2024
The Reserve Bank of India (RBI) has imposed Rs36.38 lakh penalty on HSBC Ltd, an authorised dealer bank, for violating reporting requirements for remittance.
 
In a release, RBI says that the penalty was imposed for violation of instructions on reporting requirements under the liberalised remittance scheme of the Foreign Exchange Management Act (FEMA).
 
After considering the facts of the case and the Bank’s reply, RBI concluded that the violations were substantiated and warranted the imposition of penalty, the central bank says.
 
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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