Shri Shaktikanta Das, IAS Retd., former Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance, Government of India assumed charge as the 25th Governor of the Reserve Bank of India effective December 12, 2018.

Foreign Exchange Management Act was enacted in 1999 and it had 25 original notifications. This act came into force w.e.f June 1, 2000.FEMA manages foreign exchange, i.e. forex.

The Reserve Bank of India has imposed a penalty of Rs 1 crore on Punjab National Bank for violating the Payment and Settlement Systems Act, 2007, the state-run lender said. Punjab National Bank was operating a bilateral ATM-sharing arrangement with Druk PNB Bank Ltd., Bhutan, since April 2010 without prior approval or authorization from India’s banking regulator RBI imposed the Rs 1 crore penalty for “contravention of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007.

Delhi Stock Exchange

ASHA