Section 95: Acts Deemed to be Offences Under this Act

1) Whoever accepts deposits or gives credits or issues debenture or other financial instruments in contravention to this Act or the Rules or bye-law framed thereunder or an order or directive issued thereunder; or whoever charges or gives interest against the policy determined by the Bank or issues fake, fraudulent, counterfeit or duplicate or copied currency or distributes or circulates such currency or is involved in such acts or instead of obtaining license from the Bank as per existing law, if transaction is made without receiving it, or if obstruction is posed on the process of clearing and settlement as per Chapter-9 A., it shall be deemed to have committed offences under this Act.

2) Except otherwise provided under sub-section (1), any person who fails to comply with the provisions made under this Act or rules made thereunder, or bylaws, or the order or directives issued thereunder, shall commit an offence under this Act.