Who are Authorised Persons under Foreign Exchange Management Act, 1999 (“FEMA”)? What are the different categories of authorisation/licence granted under Section 10(1) of FEMA 1999?
Money Changing Activities - As on Oct 21, 2021
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Authorisation under FEMA enables distinct authorised persons to conduct specified foreign exchange transactions and money changing activities. Reserve Bank of India issues authorisations under the Foreign Exchange Management Act to designate authorised persons. Authorisations comprise Authorised ... Summary
Authorisation under FEMA enables distinct authorised persons to conduct specified foreign exchange transactions and money changing activities.
Reserve Bank of India issues authorisations under the Foreign Exchange Management Act to designate authorised persons. Authorisations comprise Authorised Dealer Category I (select banks authorised for all permissible current and capital account transactions), Authorised Dealer Category II (select entities authorised for specified non trade current account transactions and activities permitted to Full Fledged Money Changers), Authorised Dealer Category III (select financial and other institutions authorised for foreign exchange transactions incidental to business), and Full Fledged Money Changers (registered companies authorised to purchase and sell foreign exchange for specified purposes).
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