The Reserve Bank of India (RBI) on December 26, 2023, notified regarding the Rationalisation of the Licensing Framework for Authorised Persons (APs) under the Foreign Exchange Management Act (FEMA), 1999.
With the progressive liberalisation under FEMA, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, and so on, it has been decided to rationalise and simplify the licensing framework for APs over the last two decades. The review intends to address the developing needs of India's fast-growing economy, achieve operational efficiency in the provision of foreign currency services to ordinary citizens, tourists, and enterprises, and maintain adequate checks and balances.
Kindly find the draft of the Licensing Framework for Authorised Persons (APs) under FEMA here.
The 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”.
[Press Release: 2023-2024/1543]
