PIL Seeking ‘Authoritative Interpretation’ of Section 66 PMLA Refused by Delhi High Court  ||  All. HC: Can’t Declare Transaction Benami on Contractor’s Statement Without Relevant Material  ||  Del. HC: Denying ITC to Taxpayers One of the Outcomes of GST Registration Cancell. with Retrospect  ||  Cal HC: Penalty Amount on Higher Value than Invoice Value Can’t be Computed by GST Dep. w/o Evidence  ||  All. HC: Candidates with Criminal Background Will Pose Severe Threat to Democracy if Elected  ||  All. HC: It’s an Obligation of Bank Officials to Fully Co-operate in Criminal Investigations  ||  SC: Prima Facie Case Made Out from Allegations in Complaint Sufficient to Summon Accused  ||  Supreme Court Explains: Debt Becoming Financial & Operational Debt  ||  P&H HC: Model Code of Conduct Can’t Stand in Way of Execution of Judicial Order  ||  Chh. HC: Can’t Build Matrimonial Home With Bricks & Stones, Love & Respect Between Spouses Required    

Rationalisation of Licensing Framework for Authorised Persons (APs) under Foreign Exchange Management Act (FEMA), 1999- (Reserve Bank of India) (26 Dec 2023)

MANU/RPRL/0806/2023

Banking

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, it has been decided to rationalise and simplify the licensing framework for APs. The review aims to meet the emerging requirements of the rapidly growing Indian economy, achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses, while maintaining appropriate checks and balances.

As announced in the Statement on Developmental and Regulatory Policies dated June 08, 2023, the draft Licensing Framework for Authorised Persons (APs) under FEMA is placed on the RBI website.

Comments/feedback on the draft framework are invited from all stakeholders and may be forwarded through email by January 31, 2024 with the subject line "Feedback on draft licensing framework for Authorised Persons under FEMA".

Tags : RATIONALISATION   LICENSING FRAMEWORK   APS  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved