The Reserve Bank of India has fined HSBC Rs 36.38 lakh for violations of the Foreign Exchange Management Act (FEMA). The bank failed to comply with reporting requirements under the Liberalised Remittance Scheme.
Mumbai, May 29 (PTI) The Reserve Bank on Wednesday imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations.
The central bank said reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999 were not followed by HSBC.
The RBI had issued a show cause notice to HSBC, in response to which the bank submitted a written reply and also made oral submissions.
"After considering the facts of the case and the bank's reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty," it said.
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