Which section of FEMA 1999 specifically empowers the Reserve Bank of India to authorize persons (Authorized Dealers, Money Changers) to deal in foreign exchange?

Section 10 deals with “Authorized Persons” (APs

Section 10(1): RBI authorizes persons to deal in Forex. Section 10(4): An AP must comply with RBI directions. Section 10(5): An AP must require a declaration from the client regarding the nature of the transaction. Historical Context: No person can deal in or transfer any foreign exchange to any person unless they are an “Authorized Person.” This establishes the RBI’s monopoly over the channels of forex movement.