Foreign exchange authorisation framework governs money changing business, compliance duties, and operational controls for authorised persons. Money changing business may be undertaken only by persons authorised by the Reserve Bank under the Foreign Exchange Management Act, 1999, and unauthorised activity attracts penal consequences. The Master Direction consolidates instructions for Full Fledged Money Changers, non-bank Authorised Dealers Category-II, and related foreign exchange transactions, while preserving any additional permissions required under other laws. It also states that the Reserve Bank may issue further instructions through circulars and amend the Direction accordingly.
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.
Foreign exchange authorisation framework governs money changing business, compliance duties, and operational controls for authorised persons.
Money changing business may be undertaken only by persons authorised by the Reserve Bank under the Foreign Exchange Management Act, 1999, and unauthorised activity attracts penal consequences. The Master Direction consolidates instructions for Full Fledged Money Changers, non-bank Authorised Dealers Category-II, and related foreign exchange transactions, while preserving any additional permissions required under other laws. It also states that the Reserve Bank may issue further instructions through circulars and amend the Direction accordingly.
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