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Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Wednesday imposed a fine of Rs 36.38 lakh on foreign lender HSBC for Foreign Exchange Management Act (FEMA) violations. Latest News | HSBC Fined Rs 36.38 Lakh by Reserve Bank for FEMA Violations.
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.