Authorised Person [Section 10(1)]

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....o it in this behalf, authorise any person to be known as authorised person to deal in foreign exchange or in foreign securities, as an authorised dealer, money changer or off-shore banking unit or in any other manner as it deems fit. As per Section 2(c) of the FEMA Act "authorised person" means an • Authorised dealer, • Money changer, • Off-shore banking u....

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....) of the Foreign Exchange Management [ Export of goods and Services ] Regulation 2015] Authorised Money Changer • "Money Changer" are authorised by RBI only to • (a) purchases foreign currency in form of traveller's cheques, notes, or coins or • (b) sale foreign currency in form of coins and notes.  • They can sale/purchases fore....

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....epting value of goods / services sold by them or even for converting into rupees. however RMCs cannot sell foreign exchange. • All Authorised Money Changer licenses from RBI to deal in Foreign Exchange. • RBI Master Circular No. 10/2015 dated 01-07-2015 om "memorandum of instruction Governing Money Changing Activities gives consolidated instructions on this issues. Off....

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....all not conduct any activity or undertake any transaction with resident in India. • An Offshore Banking unit may undertake any transaction with any Authorised Dealer in India on Principal - to -  Principal basis. (Regulation 6) • Offshore Banking Unit may undertake transactions in Foreign Exchange with a unit in the Special Economic Zone (SEZ) to the e....