Section 101: Procedures of Actions

1) Except otherwise provided in this Act, the Rastra Bank shall follow the procedures as mentioned hereunder while taking actions pursuant to Section 99 and imposing fines pursuant to Section 100:-

(a) Before taking the proposed action or imposing fines, the alleged bank or financial institution or person shall be given a written notice of seven days to defend its/his/her position, stating the nature of the Act he/she has committed, a short description of the Act, the amount that may be imposed as fines and the proposed actions.

(b) The concerned bank or financial institution or person shall have to submit clarification in written form within seven days from the date of receiving written notice pursuant to Clause (a).

(c) If the written clarification submitted pursuant to Clause (b) is found to be satisfactory, Rastra Bank may amend, delimit or dismiss the charge.

(d) If the written clarification submitted pursuant to Clause (b) is not found to be satisfactory, the Rastra Bank may take action pursuant to Section 99 or impose a fine pursuant to Section 100.

2) Other procedures to be complied with while taking actions or imposing fines by the Rastra Bank shall be as prescribed by the Rastra Bank.