Authorised person compliance requires transaction verification, written refusal of unsupported requests, and reporting of suspected foreign-exchange evasion. Authorisation to deal in foreign exchange or foreign securities must be in writing and subject to specified conditions. The Reserve Bank may revoke ... Summary
Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016
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Authorised person compliance requires transaction verification, written refusal of unsupported requests, and reporting of suspected foreign-exchange evasion.
Authorisation to deal in foreign exchange or foreign securities must be in writing and subject to specified conditions. The Reserve Bank may revoke authorisation in the public interest or for non-compliance, with a reasonable opportunity of representation where revocation is based on non-compliance. Authorised persons must follow directions, remain within their authorisation, verify declarations and information before undertaking transactions, refuse inadequately supported transactions in writing, and report suspected contravention or evasion. Misuse, non-surrender, or impermissible use of foreign exchange acquired for a declared purpose constitutes contravention.
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