Section 103: Offences

1) Whoever commits any of the following acts contrary to this Act or the Rules, Byelaws, Directives, Orders issued under this Act or terms or limitation as prescribed shall be deemed to have committed an offence under this Act:-

(a) Carrying out banking and financial transactions without obtaining a license,

(b) Obtaining a license for carrying on banking and financial transactions, submitting wrong or false statements,

(c) Carrying out banking and financial transactions against the terms and limits of the license for carrying on banking and financial instruments,

(d) Carrying out foreign currency exchange-related business without license,

(e) Disbursing credits or other financing against this Act,

(f) Committing irregularities while carrying out valuation in artificial price while disbursing credits, recovering credits, valuating securities, recovering loan or carrying out any act relating thereto, creating artificial price while auctioning the assets pledged as collateral, or while accepting the property as non-banking assets or while selling by accepting non-banking assets or while taking collateral,

(g) Committing irregularities by any Director, official, employee and other person while carrying out merger and acquisition, liquidating, or auditing,

(h) Attempting to commit the offence referred to in Clauses (a) to (g) or abetting the commission of such offence in any manner.

2) Except in cases where a Director, official or any other person abetting in the commission of the offence referred to as sub-section (1) proves that he/she had tried his/her best effort to avoid committing such offence or that it was committed without his/her consent, the offence is deemed to have been committed by himself/herself.

3) Except in connection with regular transactions of the branch, in case an official or employee of a branch of a foreign bank transfers assets of such branch to another country, grants approval therefor, delegates authority to that effect, or abets the commission of such an act, it shall be deemed to be an offence under this Act.