Section 12(1) in The Foreign Exchange Management Act, 1999
(1)The Reserve Bank may, at any time, cause an inspection to be made, by any officer of the Reserve Bank specially authorised in writing by the Reserve Bank in this behalf, of the business of any authorised person as may appear to it to be necessary or expedient for the purpose of(a)verifying the correctness of any statement, information or particulars furnished to the Reserve Bank;(b)obtaining any information or particulars which such authorised person has failed to furnish on being called upon to do so;(c)securing compliance with the provisions of this Act or of any rules, regulations, directions or orders made thereunder.
