Duties of authorised persons: strict compliance with RBI directions and prior permission required for transactions outside authorisation.

Section 10(4) obliges an authorised person to follow all RBI directions in foreign exchange and foreign securities dealings and prohibits transactions outside the authorisation without prior RBI permission. Recent RBI guidance permits certain LRS remittances to IFSCs and opening of Foreign Currency Accounts in IFSCs for permitted purposes. Procedurally, authorised dealers may release foreign exchange on basic applicant information but must now obtain Form A2 for all cross border remittances irrespective of transaction value, reflecting tightened documentation and reporting requirements.

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