Direct Answer
An “Authorized Person” (AP) is any entity authorized by the RBI to deal in forex. This includes Authorized Dealers (ADs), Money Changers, and Off-shore Banking Units. 2. Legal Basis: Section 10 specifically deals with “Authorized Persons.” It empowers the RBI to authorize persons to deal in foreign exchange “subject to such conditions as may be laid down.” 3. Related Context: Section 3 prohibits dealing in forex except through an Authorized Person. Section 11 empowers RBI to issue directions to these authorized persons. Section 6 deals with Capital Account Transactions. 4