JKNP & ASSOCIATES

73.A. Penalty for contravention of direction of Reserve Bank or for failure to file returns

 Without prejudice to the provisions of sections 50 and 51 where any authorised dealer contravenes any direction given by the Reserve Bank under this Act or fails to file any return as directed by the Reserve Bank, the Reserve Bank may, after giving a reasonable opportunity of being heard impose on the authorised dealer a penalty which may extend to ten thousand rupees and in the case of continuing contravention with an additional penalty which, may extend to two thousand rupees for every day during which such contravention continues.