mylawyeradvise's profile
Description
According to Section 12 of FEMA, the Reserve Bank of India (RBI) may, at any time, through its officials can inspect business of any authorised person as necessary, to:-
(a) verify the correctness of any statement, information or particulars provided to RBI;
(b) obtain any information or particulars which the accused has failed to furnish on being called upon to do so; (c) secure compliance with the provisions of this Act or any rules, regulations, directions or orders made thereunder.
It shall be the duty of every authorised person to produce, to any officer inspecting such books, accounts and other documents in his custody or power and to furnish any statement or information relating to the affairs of such person, company or firm as the said officer may require within such time and in such manner as they may direct.
Useful information