Forex Dealers Ltd. qualifies as an Authorized Person under the Foreign Exchange Management Act of 1999. The Reserve Bank of India instructed the aforementioned Authorized Person to file specific returns, which it failed

Section 11(3) of the Foreign Exchange Management Act, 1999 states that if an Authorised person contravenes any direction given by the Reserve Bank of India under the said Act or fails to file any return as directed by the Reserve Bank of India, the Reserve Bank of India may, after giving reasonable opportunity to be heard, impose on Authorised Person, a penalty which may extend to ten thousand rupees, and in the case of continuing contraventions, an additional penalty which may extend to two thousand rupees for every day during which such contravention continues. Since, according to the facts presented in the inquiry, the Authorized person, Forex Dealers Ltd., has failed to file the required returns with the Reserve Bank of India. According to the aforementioned requirements, it has exposed itself to a fine of up to ten thousand rupees and, in the case of ongoing contraventions of the sort of failure to file the returns, an additional fine of up to two thousand rupees for each day such infringement persists.