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FEMA – Authorised persons – 10 things to know !

Authorised Person – FEMA

Section 2 © of the Foreign Exchange Management Act, 1999 provides the definition of authorised person. The term authorised person is defined to include an authorised dealer, money changer, offshore banking unit or any other person for the time being authorised to deal in foreign exchange or foreign securities.

Foreign exchange market is a very vast market with a huge potential which needs to be regulated effectively. Authorised persons form an important part of the forex market. An authorized person can deal in or transfer any foreign exchange or foreign securities. The authorized persons are appointed an governed by the RBI.

Here are 10 MCQs on authorised persons to check your knowledge.

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