Authorisation under foreign exchange law requires written permission limiting currency dealings and imposing reporting and inspection duties. Grant of authorisation requires written permission specifying scope, currencies, limits, period and conditions; authorised persons may deal in foreign exchange and foreign securities only within those parameters and are subject to reporting, recordkeeping and inspection obligations. Authorised Dealers and Full Fledged Money Changers may appoint agents/franchises limited to conversion of foreign currency notes, coins or travellers cheques into domestic currency. The regulator may refuse authorisation if an applicant is not properly equipped or is otherwise unfit.