New Delhi: The Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 has imposed a monetary penalty of Rs. 15,37,50,000/- (Rupees Fifteen Crores Thirty Seven Lakhs and Fifty Thousand Only) on Punjab National Bank.
According to the filing, the above penalty is the outcome of Appeal No. FPA-PMLA-3175/DLI/2019 filed by the Punjab National Bank, against the Order dated 29.07.2019 (Impugned Order) passed by the Director, Financial Intelligence Unit- India (FIU) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA).
The above penalty pertains to review period from 01.04.2016 to 30.11.2017 and thereafter, the Bank had already taken necessary corrective steps and placed the required checks and balances in the system for obviating such non-compliances, the filing added.
The Bank has informed that there is no material impact on financial position and no impact on the operations of the Bank.
Shares of Punjab National Bank are closed at Rs 121.62, up by 1.75 percent on Friday at BSE.