CA Inter P2 · Chapter 13 · Question 7 of 10
Under section 2(c) of FEMA, an 'authorised person' means:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) An authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under section 10(1) to deal in foreign exchange or foreign securities
Explanation
Section 2(c) defines an authorised person as an authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under section 10(1) to deal in foreign exchange or foreign securities. Authorisation is given by the Reserve Bank of India on an application under section 10.
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