.........The story begins in 2008, when 19 banks violated RBI and Foreign Exchange Management Act (FEMA) guidelines and sold 'engineered' forex derivatives to Indian corporates, which resulted in huge losses to Indian investors and alleged gains to foreign-based banks. After almost three years, the RBI imposed a meagre total penalty of Rs 1.9 crore on the banks. Documents accessed by Express reveal a deliberate delay by the government in launching a probe into this scam. ...........
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