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of <h1>Legal Shield for Financial Transactions: Central Government Protects RBI and Authorized Entities from Potential Liabilities Under FEMA</h1> The statutory provision outlines an indemnification mechanism where the Central Government protects the Reserve Bank of India or authorized persons from potential liabilities arising from encashing drafts, cheques, or other financial instruments. This rule ensures that the bank or authorized entity is shielded from legal and financial risks associated with processing such financial transactions under the Foreign Exchange Management regulations.
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