RBI fined HSBC Rs 36.38 lakh for LRS reporting violations under FEMA, 1999.
The Reserve Bank of India (RBI) has fined HSBC Ltd Rs 36.38 lakh for violating reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999. The RBI issued a show-cause notice to the bank, to which HSBC submitted a written reply and oral submissions. After evaluating the case, the central bank concluded that the violations were substantiated and warranted a penalty.
May 29, 2024
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