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| Date : 01 Jun 2005 | | Supplemental provisions |
73. (1) For
the purposes of this Act and of any rules, directions or orders made thereunder
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(a) in the case of any person who, having
been resident in India, ceases to be such, the Reserve Bank may, by order, declare
the territory in which such person shall be treated as being resident;
(b) in the case of any person resident in India who leaves India, the Reserve
Bank may give a direction to any bank that until the direction is revoked, any
sum, from time to time, standing to the credit of that person and any security
held on his behalf at any office or branch of that bank in India specified in
the direction shall not be dealt with except with the permission of the Reserve
Bank;
(c) a firm or the branch of a firm shall be treated in all respects
as if such firm or branch were a body corporate resident where it is situated;
(d) subject to the provisions of clause (c), a branch of any business, whether
carried on by a body corporate or otherwise, shall be treated in all respects
as if the branch were a body corporate resident where the branch is situated;
(e) the making of any book entry or other statement regarding a debit against
a branch of any business in favour of the head office or any other branch of that
business shall be treated as the acknowledgement of a debt whereby a right is
created in favour of a person resident where the head office or other branch is
situated.
(2) Nothing in this Act relating to the payment of any price
or sum by the Central Government shall be construed as requiring the Central Government
to pay that price or sum otherwise than in Indian currency or otherwise than in
India.
(3) The Reserve Bank may give directions in regard to the making
of payment and
the doing of other acts by bankers, authorised dealers,
money-changers, stock brokers, or other persons, who are authorised by the Reserve
Bank to do anything in pursuance of this Act in the course of their business,
as appear to it to be necessary or expedient for the purpose of securing compliance
with the provisions of this Act and of any rules, directions or orders made thereunder.
(4) Subject to any other express provision in this behalf contained in this
Act, where any provision of this Act requires the permission of the Reserve Bank
for doing anything under such provision, the Reserve Bank may specify the form
in which an application for such permission shall be made and the particulars
which such application shall contain:
Provided that different forms and different
particulars may be specified in respect of applications for permission under different
provisions of this Act.
Penalty for contravention of direction of Reserve
Bank or for failure to file returns
73.A. Without prejudice to the provisions
of sections 50 and 51 where any authorised dealer 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 a reasonable opportunity
of being heard impose on the authorised dealer 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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