Section 100: Fines may be imposed

1) The Rastra Bank may impose the following fines against the bank or financial institution which does not give information or documents to be given according to this Act or Rastra Bank Act, or Rules, Byelaws, Directives or Orders issued thereunder; or which does not make available within the prescribed time the documents, description, statistics, or record as required by any officer deputed by the Rastra Bank for monitoring, inspection or supervision of the said bank or financial institution:-

(a) Daily one hundred thousand rupees up to one week from the date of expiry of the term,

(b) Daily one hundred twenty-five thousand rupees up to two weeks from the date of expiry of the term,

(c) Daily one hundred fifty thousand rupees from the date of expiry of the term referred to in Clause (b) up to an indefinite period of time.

2) In case a Promoter, Director, Shareholder, Chief Executive, official, an employee of a bank or financial institution, or any other related person violates this Act or the Rastra Bank Act or the Rules, Byelaws framed thereunder or the Directive or Order issued thereunder, or fails to implement the directive issued by Rastra Bank pursuant to Clause (b) of sub-section(3) of section 99, the Rastra Bank may impose a fine up to one million rupees having regard to the nature and gravity of the violation.

3) In case the bank or financial institution, having been imposed the fines pursuant to sub-section (1), does not pay the fine within three days from the date of receipt of information of the decision, the said amount shall be recovered by deducted from the amount deposited in the account of the said bank or financial institution opened at the Rastra Bank.

4) The cash fine to be received by the Rastra Bank pursuant to sub-sections (1) and (2) shall be deposited to the Government fund.