RBI Notifies Draft Licensing Framework for Authorised Persons (APs) Under FEMA

  • News|Blog|FEMA & Banking|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 28 December, 2023

Licensing Framework for Authorised Persons

Press Release: 2023-2024/1543, Dated 26.12.2023

The framework for licensing of Authorised Persons (APs) under FEMA, 1999 was last reviewed in March 2006. Keeping in view the progressive liberalisation under FEMA, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, etc. over the last two decades, RBI has decided to rationalise and simplify the licensing framework for APs.

The review aims to meet the emerging requirements of the rapidly growing Indian economy and achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses while maintaining appropriate checks and balances.

Now, RBI has proposed to introduce a new category of money changers who may conduct business through an agency model by becoming Forex Correspondent of Authorised Dealers. The review aims to meet the emerging requirements of the rapidly growing Indian economy and achieve operational efficiency.

Click Here To Read The Full Press Release

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Leave a Reply

Your email address will not be published. Required fields are marked *

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied