Insertion of new section 45MAA.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e Bank under section 45MA, the Bank, may, if satisfied, remove or debar the auditor from exercising the duties as auditor of any of the Bank regulated entities for a maximum period of three years, at a time. . - Clauses 135 to 142 of the Bill seek to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to amend section 45-IA of the Act so as to enhance the existing amoun .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g to power of the Reserve Bank in respect of group company. It is also proposed to amend section 58B of the Act so as to enhance the existing amounts of penalty. It is also proposed to amend section 58G of the Act so as to enhance the existing penalties of five thousand rupees, five lakh rupees and twenty-five thousand rupees to twenty-five thousand rupees, ten lakh rupees and one lakh rupees resp .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X