(rrb’s), others 1. select financial and other institutions 1. department of post 2.urban co-operative banks 3. other ffmc activities permitted as per rbi guidelines, all current and capital account transactions all activities permitted to ffmc and specified non-trade related current account ...
Controlling foreign exchange transactions by issuing general or specific permission, with the exception of situations where specific rules, regulations, or laws have been enacted. - Section 3. Current account transactions are not subject to any restrictions from RBI. According to Section 5, only the...
FEMA envisages that RBI shall have controlling role in management of foreign exchange. Since RBI cannot directly handle foreign exchange transactions, it authorizes “Authorised Persons” to deal in foreign exchange as per direction issued by RBI.RBI is empowered to issue direction to such “Authoris...