What are the penalties for contravention of the G S Act?
If any person, for the purpose of obtaining for himself or any other person any title to a Government security, makes false statement then he shall be punishable with imprisonment for a term which may extend to six months, or with fine, or with both. Further, RBI may impose on any person who contravenes any provision of the G S Act, or contravenes any regulation, notification or direction issued under the G S Act, or violates the terms and conditions for opening and maintenance of SGL/CSGL account a penalty not exceeding five lakh rupees and where such contravention is a continuing one, further penalty, which may extend to five thousand rupees for every day after first day during which the contravention continues. FAQs in respect of Relief/Savings Bonds As explained above Relief/Savings Bonds are Government securities and they are issued in the form of Stock and BLA by the Reserve Bank and in the form of BLA by the Agency banks. The provisions of the G S Act and the G S Regulations app
