Question
Which of the following is a key function of the Reserve
Bank of India (RBI) under FEMA?ÂSolution
• Under the Foreign Exchange Management Act (FEMA), 1999, one of the key functions of the Reserve Bank of India (RBI) is to grant general or special permissions for dealing in foreign exchange and foreign securities. • Section 3 of FEMA prohibits dealing in foreign exchange except through authorized persons or with the RBI’s general or special permission. • RBI regulates foreign exchange transactions in India, issues guidelines, monitors cross-border transactions, and enforces FEMA provisions.
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