(1) If the licensee does not comply with the order or instructions given by the bank in accordance with this Act, the bank may take any or all of the following actions against such licensee:-
(a) To give notice,
(b) to prohibit any or all dealings in foreign exchange,
(c) To confiscate the cash deposit in the bank or recover it from the surety,
(d) to suspend or cancel licence.
(2) In accordance with sub-section (1), the bank shall provide a reasonable opportunity to the licensee to present his defense while punishing him.