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of <h1>Foreign Exchange Transactions: RBI Empowers Authorized Persons with Strict Compliance Mandates and Oversight Mechanisms</h1> The statutory provision outlines the Reserve Bank's authority to designate authorized persons for foreign exchange transactions. These authorized persons must comply with specific conditions, can have their authorization revoked for non-compliance or public interest, and are obligated to verify transaction legitimacy. They must obtain declarations from clients, refuse suspicious transactions, and report potential violations to the Reserve Bank. Unauthorized use of foreign exchange contrary to declared purposes constitutes a contravention of the Act.
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