HSBC Bank fined Rs 36.38 lakh by RBI for violating FEMA rules

On Wednesday, RBI imposed a fine of Rs 36.38 lakh on foreign exchange leader HSBC for violating the Foreign Exchange Management Act (FEMA).

According to the central bank report, they have to pay this fine for not following the Liberalized Remittance Scheme of FEMA made in 1999.

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RBI has sent a notice to HSBC in response to which the bank has submitted a written reply. Not only this, the bank has also made some oral submissions.

After the bank submitted this written reply, RBI has given some reply on this matter where they have said that there is proof that HSBC has violated the rules and hence it is appropriate for them to pay the fine.