New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is the penalty for contravention of Depository Act

    when no separate penalty has been provided?
    A Penalty which shall not be less than one lakh rupees but which may extend to one crore rupees Correct Answer Incorrect Answer
    B a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees Correct Answer Incorrect Answer
    C penalty which shall not be less than five crore rupees but which may extend to twenty-five crore rupees or three times the amount of gains made out of such failure, whichever is higher Correct Answer Incorrect Answer
    D a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues Correct Answer Incorrect Answer
    E Penalty which shall not be less than one lakh rupees but which may extend to twenty-five crore rupees Correct Answer Incorrect Answer

    Solution

    Section 19G of Depository Act - Penalty for contravention where no separate penalty has been provided—Whoever fails to comply with any provision of this Act, the rules or the regulations or bye-laws made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees

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