Section 73(4) in The Foreign Exchange Regulation Act, 1973
(4)Subject to any other express provision in this behalf contained in this Act, where any provision of this Act requires the permission of the Reserve Bank for doing anything under such provision, the Reserve Bank may specify the form in which an application for such permission shall be made and the particulars which such application shall contain:Provided that different forms and a different particulars may be specified in respect of applications for permission under different provisions of this Act.[73-A. Penalty for contravention of direction of Reserve Bank or for failure to file returns.-Without prejudice to the provisions of sections 50 and 51, where any authorised dealer contravenes any direction given by the Reserve Bank under this Act or fails to file any return as directed by the Reserve Bank, the Reserve Bank may, after giving a reasonable opportunity of being heard impose on the authorised dealer a penalty which may extend to ten thousand rupees and in the case of continuing contravention with an additional penalty which may extend to two thousand rupees for every day during which such contravention continues.]
