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Exchange Control in India
Exchange Control in India
currency, bullion, and precious stones have come to acquire a special importance in the
economy of the country.
There is an elaborate machinery to effectively operate the exchange control and
regulation in the country. The machinery comprises the authorities empowered to regulate
foreign exchange transactions and to enforce the provisions of Foreign Exchange
Regulation Act and to deal with any infringements of the provisions. The dealers
authorized to deal in foreign exchange under the control system are also important parts
of the machinery. Exchange control in India is administered by the Reserve Bank of India
in accordance with the general policy laid down by the Union Government in
consultation with the Reserve Bank. Authorized dealers are expected to purchase and sell
foreign currencies in accordance with the Regulations.