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Fines on banks, including Standard Chartered Bank, Enforcement Directorate takes action against violation of FEMA rules

New Delhi, ANI. The Enforcement Directorate has imposed a fine of Rs 100 crore on Standard Chartered Bank, Rs 17 crore on Tamil Nadu Mercantile Bank Limited (TMBL) and Rs 35 crore on MGM. The Enforcement Directorate has fined them under the Foreign Exchange Management Act, 1999 for violation of FEMA provisions in the case related to unauthorized allocation of shares.

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