It was recently found under code and direction of Foreign Exchange and management Act 1999 that certain foreign banks have been misleading the directions thus RBI decided to send them notice and ask them to pay penalty in the context of the global virtual necessity of certain regularity and possible code. It has been earlier brought into view by the RBI experts that there are certain 5 banks at international standards that were targeted on basis of the demonetizing challenges and not focusing on the FEMA regularity in the proceedings of the virtual international transactions thus these 5 banks have taken into proceedings and have been asked to pay the penalty in terms of their respective roles at an international code of the act of 1999.
It has also been told by the experts that around 60,000 per bank has been asked to pay as a penalty in the context of breaking norms of the regulations of the FEMA code in the context of the transaction and monetary recession for international standards by these 5 international banks.
According to the media reports, these 5 banks were also found guilty of not following the proper central bank instructions thus the experts of RBI also suggested the motive of penalty for these 5 banks in the context of not following coded regularities or such certain formalities suggested by the Reserve Bank of India. These 5 Banks include Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo-Mitsubishi and Royal Bank of Scotland who is all found not following the transaction policy and coded regularities push forward by the Central bank of India which is to say the Reserve Bank of India.
It has now been witnessed also that there may be certain dismissive policy by the central bank of India which can challenge international identity as it is changing regulation on the regular basis, But we have to
be careful that how it associates with new norms, till then we hope that those who have been bothered by Demonetisation may come to the road and they would be supported to recover from their certain loss.
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