Authorisation to deal in foreign exchange governs permitted transactions and allows regulatory revocation for noncompliance. The Reserve Bank may in writing authorise persons to deal in foreign exchange or securities subject to conditions and may revoke authorisation in the public interest or for noncompliance after a reasonable opportunity to be heard. Authorised persons must follow Reserve Bank directions and not transact beyond their authorisation without prior permission. Before undertaking transactions, authorised persons must obtain declarations and information to ensure transactions are not designed to contravene the Act, refuse transactions with inadequate responses, and report suspected evasion; misuse or failure to surrender foreign exchange by non authorised persons is deemed a contravention.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Authorisation to deal in foreign exchange governs permitted transactions and allows regulatory revocation for noncompliance.
The Reserve Bank may in writing authorise persons to deal in foreign exchange or securities subject to conditions and may revoke authorisation in the public interest or for noncompliance after a reasonable opportunity to be heard. Authorised persons must follow Reserve Bank directions and not transact beyond their authorisation without prior permission. Before undertaking transactions, authorised persons must obtain declarations and information to ensure transactions are not designed to contravene the Act, refuse transactions with inadequate responses, and report suspected evasion; misuse or failure to surrender foreign exchange by non authorised persons is deemed a contravention.
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