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Reserve Bank’s powers to issue directions to authorised person [Section 11] - FEMA Ready Reckoner - FEMAExtract Reserve Bank s powers to issue directions to authorised person Reserve Bank power to issue certain direction [ Section 11(1) ] The Reserve Bank may, for the purpose of securing compli ance with the provisions of this Act and of any rules, regula tions, notifications or directions made thereunder, give to the authorised persons any direction in regard to making of payment or the doing or desist from doing any act relating to foreign exchange or foreign security. Reserve Bank power to call for information [ Section 11(2) ] The Reserve Bank may, for the purpose of ensuring the compli ance with the provisions of this Act or of any rule, regulation, notification, direction or order made thereunder, direct any authorised person to furnish such information, in such manner, as it deems fit. Contravention of Reserve Bank direction [ Section 11(3) ] Where any authorised person 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 reasonable opportunity of being heard, impose on the authorised person 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.
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