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AUTHORIZED PERSON

Discuss AUTHORIZED PERSON within the Financial Management forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; AUTHORIZED PERSON “Authorized person" means an authorized dealer, money changer, off-shore banking unit or any other person for the time ...

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Abhijeet S
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abhishreshthaa
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AUTHORIZED PERSON - September 3rd, 2010

AUTHORIZED PERSON

“Authorized person" means an authorized dealer, money changer, off-shore banking unit or any other person for the time being authorized to deal in foreign exchange or foreign securities.


Provisions

The RBI may revoke any authorization given if:
  • It is in the public interest to do so
  • The authorized person has failed to comply with the provisions under which the authorization was given
  • The authorized person should carry out any transaction, dealing, exports, etc within the limits laid down by the RBI


Penalties
  • If any party contravenes the regulations laid down by this Act, then he is liable to pay thrice the sum of the transaction, as and where the amount is quantifiable. Wherever the amount is not quantifiable, the person is liable to pay two lakhs

  • The person is also supposed to pay a fine of 5,000 after the date of the imposition of fine.

  • In case of any contravention the security, currency, or any part thereof is confiscated by the Central government.

  • If any person fails to pay the penalty within ninety days, then he would be liable for civil imprisonment.
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