Section 24(6)(a) in The Banking Regulation Act, 1949

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Union of India - Subsection

Section 24(6)(a) in The Banking Regulation Act, 1949

(a)The penalty payable under sub-section (4) and sub-section (5) shall be paid within a period of fourteen days from the date on which a notice issued by the Reserve Bank demanding payment of the same is served on the banking company and in the event of failure of the banking company to pay the same within such period, the penalty may be levied by a direction of the principal Civil Court having jurisdiction in the area where an office of the defaulting banking company is situated, such direction to be made only upon an application made by the Reserve Bank in this behalf to the Court; and

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Union of India - Subsection

Section 24(6)(a) in The Banking Regulation Act, 1949