in the general interest of the public, the government of india can restrict an authorized individual from carrying out foreign exchange deals within the current account. empowers rbi to place restrictions on transactions from capital account even if it is carried out via an authorized individual. ...
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...