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of <h1>RBI Delegates Foreign Exchange Powers to 'Authorised Persons' Under FEMA Act, 1999, Section 10</h1> The Reserve Bank of India (RBI) delegates its powers to 'Authorised Persons' to manage foreign exchange transactions under the FEMA Act, 1999. Section 10 of the Act empowers the RBI to authorize entities to deal in foreign exchange, with specified conditions. Authorised Dealers are categorized into three types: Category-I, which includes commercial banks and cooperative banks, handling all permissible transactions; Category-II, consisting of select financial institutions, managing specified non-trade transactions; and Category-III, which includes entities handling specific transactions related to their business. Full Fledged Money Changers are also authorized for foreign exchange transactions for travel purposes.
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