An 'Authorised Person' under FEMA is:
AAny auditor of a foreign company in India
BOnly foreign citizens
CAn authorised dealer, money changer, off-shore banking unit or any other person authorised under Section 10(1) to deal in foreign exchange
DAn officer of the Directorate of Enforcement
Answer & Solution
Correct answer: C. An authorised dealer, money changer, off-shore banking unit or any other person authorised under Section 10(1) to deal in foreign exchange
1. Section 2(c) of FEMA — 'authorised person' is defined widely to include ADs, money-changers, OBUs and any other person authorised by the RBI under Section 10(1).
2. Such persons are the gatekeepers for foreign-exchange transactions.
3. Hence (B).
_Source: ICAI BoS CA Inter Paper 2 — FEMA 1999_