ED imposed penalties on Standard Chartered Bank Rs 100 cr for FEMA breach

Описание: The Special Director of Enforcement, Chennai has imposed penalties of Rs 100 crore on Standard Chartered Bank, of Rs 17 crore on Tamilnad Mercantile Bank Limited (TMBL) and Rs 35 crore on M G M Maran, then Chairman and Director of TMBL.According to the ED, an investigation under FEMA was taken up based on a reference received from the Reserve Bank of India (RBI) to check on advance remittances received by certain entities for purchase of TMBL shares through escrow mechanism maintained with Standard Chartered Bank, Mumbai (SCB).

► Subscribe to The Economic Times for latest video updates. It's free! - http://www.youtube.com/TheEconomicTim...

► More Videos @ ETTV - http://economictimes.indiatimes.com/TV

► http://EconomicTimes.com

► For business news on the go, download ET app:
https://etapp.onelink.me/tOvY/Economi...

Follow ET on:

► Facebook -   / economictimes  
► Twitter -   / economictimes  
► LinkedIn -   / economictimes  
► Instagram -   / the_economic_times  
► Flipboard - https://flipboard.com/@economictimes

The Economic Times | A Times Internet Limited product