Quick Answer: What Are Powers Of RBI Inspect Authorized Person?

What are powers of the authorized person?

Authorised persons have additional powers in an emergency.

An authorised person may direct any person to take specified reasonable action within a specified reasonable time, or take the action, or authorise another person to take the action if they are satisfied on reasonable grounds that an emergency exists..

How long does it take to get FCA approval?

12 monthsTo receive your FCA authorisation, it can take up to 12 months, but you should receive some initial feedback within the six-month mark.

What was the old name of RBI?

The Reserve Bank of India (RBI) is India’s central bank, also known as the banker’s bank. The RBI controls monetary and other banking policies of the Indian government. The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the Reserve Bank of India Act, 1934.

What does an authorized signatory mean?

Simply put, an authorized signatory or signer is a person who’s been given the right to sign documents on behalf of the authorizing organisation.

What is the difference between sub broker and Authorised person?

In short, a sub-broker is someone who acts on behalf of a stockbroker, in exchange for which he is paid a part of the brokerage charged from clients. … The only difference was that sub-brokers had to register with SEBI, while authorised persons had only to seek registration from the exchange concerned.

Which is the No 1 bank in India?

HDFC Bank: HDFC Bank has been ranked India’s No. 1 Bank in forbes’ world’s Best bank report. It has 88,253 permanent employees as of 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender by assets.

Who owns RBI?

the Government of IndiaThough originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

What are the duties and powers of an authorized person under FEMA 1999?

(5) An authorised person shall, before undertaking any transaction in foreign exchange on behalf of any person, require that person to make such declaration and to give such information as will reasonably satisfy him that the transaction will not involve, and is not designed for the purpose of any contravention or …

What is the penalty for violation of FEMA Act?

-(1) If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorization is issued by the Reserve Bank, he shall, upon adjudication, be liable to a …

Who can be an Authorised person?

NSE/MEMB/13429 dated November 9, 2009 , an Authorised Person is ‘Any person, individual, partnership firm, LLP or body corporate, who is appointed as such by a Stock Broker (including Trading Member) and who provides access to trading platform of a Stock Exchange as an agent of the Stock Broker’. 1.

What are the powers of RBI?

The powers and functions of RBI include issuing currency notes, controlling the credit through its monetary policy, custodian of foreign exchange, Banker to the Government, etc. Originally, RBI was established in the year of 1935 in Kolkata but was moved to Mumbai in 1937.

What is the meaning of authorized person?

Authorized Person means any person (including an investment manager or other agent) who has been designated by written notice from Customer or its designated agent to act on behalf of Customer hereunder. … Authorized Person means any officer or other employee of Borrower.

What are the features of FEMA?

Main Features of Foreign Exchange Management Act, 1999It gives powers to the Central Government to regulate the flow of payments to and from a person situated outside the country.All financial transactions concerning foreign securities or exchange cannot be carried out without the approval of FEMA.More items…

Who is an Authorised person under FEMA?

An ” Authorized Person” under FEMA, is a person who is authorized by Reserve Bank to deal in Foreign Exchange. For being registered as an ” Authorized Person”, necessary application along with relevant documents has to be furnished to Reserve Bank.

What are the provisions of FEMA?

The major provisions of FEMA, 1999 relate to following matters :Dealing in foreign exchange, etc.Holding of foreign exchange, etc.Current account transactions.Capital account transactions.Export of goods and services.Realization and repatriation of foreign exchange.More items…•