RBI slaps fine on 5 foreign banks for violating FEMA rules

The Reserve Bank of India (RBI) has imposed the penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA on 21st December 2016. The three other banks are: Bank of America, Bank of Tokyo-Mitsubishi and The Royal Bank of Scotland. They have been fined for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA)

So, let’s discuss some questions related to this post:
Q1. The Reserve Bank of India (RBI) has imposed the penalty on how many foreign banks for violating FEMA rules, recently?
Ans1. 5 foreign banks

Source-The Hindu


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