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An Authorised Dealer (Category I) under FEMA must obtain its authorisation under:
ASection 6(2) FEMA
BSection 15 FEMA
CSection 10(1) FEMA
DSection 36 FEMA
Answer & Solution
Correct answer: C. Section 10(1) FEMA
1. Section 10(1) of FEMA empowers RBI to authorise persons to deal in foreign exchange.
2. Cancellation/revocation can be done under Section 10(3).
3. Hence (B).
_Source: ICAI BoS CA Inter Paper 2 — FEMA 1999_