Question
Under Section 42(4) of the RBI Act, 1934, a scheduled
bank failing to comply with the requirement of submitting the return under Section 42(2) is liable to pay the Bank a penalty of what amount for each day the failure continues?Solution
Section 42(4) provides that any scheduled bank failing to comply with the provisions of sub-section (2), which requires submission of a return signed by two responsible officers showing demand and time liabilities and other particulars, shall be liable to pay the Bank a penalty of one hundred rupees for each day during which the failure continues. This is distinct from the penal interest under sub-section (3). The correct daily penalty for failure to submit the return is one hundred rupees.
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