Section 103
Offences
(1) If anyone commits any of the following acts in contravention of this Act or the Rules, Byelaws, Directives, Orders, issued were under conditions or limitations 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 out banking and financial transactions submitting wrong or false statements,
c. Carrying out banking and financial transactions against the terms and limitations of the license for carrying out banking and financial transactions,
d. Carrying out foreign currency exchange related business without a license,
e. Disbursing credits or making other investment in contravention of this Act,
f. Engaging in irregularities in the course of distributing credits, valuating mortgage, recovering credits or performing any act related thereto or creating an artificial price in the course of auctioning off of a mortgage, accepting an assets as a non-banking asset, selling a non-banking asset after it is accepted or while taking collateral.
g. Committing irregularities by any Director, office bearer, employee and other person while carrying out merger, amalgation and acquisition, liquidation, or auditing,
h. Attempting to commit an offence as referred to in Clauses (a) to (g) or abetting to the commission of such offence by any manner.
(2) Except in cases where a sitting Director, office bearer, employee or any other person abetting in the commission of an offence as referred to in Sub-Section (1) proves that he/she had tried his/her best to avoid committing such an 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 transaction, in cases where an office bearer or employee of a branch of a foreign bank transfers the 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 committed under this Act.
license,
(b) Obtaining a license for carrying out banking and financial transactions submitting wrong or false statements,
c. Carrying out banking and financial transactions against the terms and limitations of the license for carrying out banking and financial transactions,
d. Carrying out foreign currency exchange related business without a license,
e. Disbursing credits or making other investment in contravention of this Act,
f. Engaging in irregularities in the course of distributing credits, valuating mortgage, recovering credits or performing any act related thereto or creating an artificial price in the course of auctioning off of a mortgage, accepting an assets as a non-banking asset, selling a non-banking asset after it is accepted or while taking collateral.
g. Committing irregularities by any Director, office bearer, employee and other person while carrying out merger, amalgation and acquisition, liquidation, or auditing,
h. Attempting to commit an offence as referred to in Clauses (a) to (g) or abetting to the commission of such offence by any manner.
(2) Except in cases where a sitting Director, office bearer, employee or any other person abetting in the commission of an offence as referred to in Sub-Section (1) proves that he/she had tried his/her best to avoid committing such an 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 transaction, in cases where an office bearer or employee of a branch of a foreign bank transfers the 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 committed under this Act.