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Section 11 – The Foreign Exchange Maintenance Act, 1999

The Foreign Exchange Maintenance Act, 1999

 

 

11. Reserve Bank’s powers to issue directions to authorised person

 

(1) The Reserve Bank may, for the purpose of securing compliance with the provisions of this Act and of any rules, regulations, notifications or directions made there under, give to the authorised persons any direction in regard to making of payment or the doing or desist from doing any act relating to foreign exchange or foreign security.

 

(2) The Reserve Bank may, for the purpose of ensuring the compliance with the provisions of this Act or of any rule, regulation, notification, direction, or order made there under, direct any authorised person to furnish such information, in such manner, as it deems fit.

 

(3) Where any authorised person contravenes any direction given by the Reserve Bank under this Act or fails to file any return as directed by the Reserve Bank, the Reserve Bank may, after giving reasonable opportunity of being heard, impose on the authorised person a penalty which may extend to ten thousand rupees and in the case of continuing contravention with an additional penalty which may extend to two thousand rupees for every day during which such contravention continues.

 

Comments

 

Reserve Bank has been empowered to give to the authorised persons any direction in regard to making of payment or the doing or desist from doing any act relating to foreign exchange or foreign security and has also been empowered to direct any authorised person to furnish such information in such manner as it deems fit. If any authorised person contravenes any direction or fails to furnish any information as directed by the Reserve Bank he is liable to a penalty upto ten thousand rupees and in the case of continuing contravention with an additional penalty upto two thousand rupees for every day.

 

 

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The Foreign Exchange Maintenance Act, 1999

 

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