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          FEMA

          Authorised Person [Section 10(1)]

          Authorised Person

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          Authorised Person classification under FEMA expands to include offshore banking units, defining permitted foreign exchange dealings. Authorised Person under FEMA includes authorised dealers, money changers and offshore banking units authorised by the Reserve Bank to deal in foreign exchange or foreign securities. Money changers may transact in coins, notes and travellers cheques and are classified as FFMCs or RMCs with differing powers to buy and sell foreign exchange. Offshore Banking Units in SEZs are authorised bank branches that transact only in foreign exchange, cannot deal with Indian residents, may transact principal to principal with authorised dealers, and may deal with SEZ units subject to regulatory ceilings and licence conditions.
                            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.

                                  Authorised Person classification under FEMA expands to include offshore banking units, defining permitted foreign exchange dealings.

                                  Authorised Person under FEMA includes authorised dealers, money changers and offshore banking units authorised by the Reserve Bank to deal in foreign exchange or foreign securities. Money changers may transact in coins, notes and travellers cheques and are classified as FFMCs or RMCs with differing powers to buy and sell foreign exchange. Offshore Banking Units in SEZs are authorised bank branches that transact only in foreign exchange, cannot deal with Indian residents, may transact principal to principal with authorised dealers, and may deal with SEZ units subject to regulatory ceilings and licence conditions.


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