alleryStart learning →Under s.11(3), the base penalty on an authorised person for ignoring RBI directions can extend to
ARs 1,000
BRs 5,000
CRs 10,000
DRs 1 lakh
Answer & Solution
Correct answer: C. Rs 10,000
Section 11(3) allows a penalty up to ten thousand rupees and up to two thousand rupees more for each day of continuing default.
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