RBI imposed a penalty of ₹36,38,000/ on HSBC Limited under Section 11(3) of FEMA, 1999, for violation of Reserve Bank of India’s instructions on reporting requirements under Liberalised Remittance Scheme (LRS) of FEMA, 1999.
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RBI Press Release: 2024-2025/399
Date - 29 May 2024
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RBI Direction on Liberalised Remittance Scheme (LRS) for Resident Individuals - Reporting of monthly return and daily transactions.
Link to the full post ⬇️
RBI Portal 🧑🏻💻 fema.rbi.org.in
OZG Website 💁🏻♀️ fema.rbi.ozg.in
OZG Advisory Email 📬 ask@fema.in
