Foreign Exchange Dealers Association Of India
Foreign Exchange has never been the most explored investment options in India. With the recent opening up of Indian economy as well as increased influx of the business processes outsourcing, the scene has changed. Foreign Exchange Dealers Association of India, is the primary body which represents the interests of foreign exchange dealers operating in the country.
The organization was established back in 1958. It is self regulatory body. The Foreign Exchange Dealer's Association of India is incorporated according to the provisions laid sown in section 25 of The Companies Act, 1956. Originally it was established as a body which acted as an association of those banks who were dealing in foreign exchange. These banks were referred as Authorized Dealers.
Today the Foreign Exchange Dealer's Association of India is involved in a number of activities. It is the primary body which regulates the way banks conduct foreign exchange and related business among each other. Similarly the body is also empowered to form new rules and regulations in this regard.
The Foreign Exchange Dealer's Association of India also makes and oversees the implementation of the rules in which the banks conduct foreign exchange related business with public at large. The body also interacts with the Reserve Bank of India and acts important advisory roles for bring about reformation and development to the way foreign exchange market of India functions. The Foreign Exchange Dealer's Association of India is also entrusted with several other important functions. The organization, not only defines the rules and regulations according to which the banks get involved in forex trade but it is also involved in providing appropriate training to the personnel that the member banks shall deploy for working on the foreign exchange trade duties. Similarly the body is involved in providing accreditation to brokers who want to deal in foreign exchange. The organization is also entrusted with the role of negotiator in acts as an advisor in case any of the member banks have a dispute related to the foreign exchange trade that has taken place among them. The organization represents its members in front of RBI and Government of India with regard to Forex matters. Most importantly, the Foreign Exchange Dealer's Association of India is also involved in declaration of the rates to member banks. The rates are declared daily and as per any other periodicity as possible or required. Now that the foreign exchange flow in India has changed a lot, the Foreign Exchange Dealer's Association of India has also adapted itself to the new role. The Foreign Exchange Dealers Association of India works in tandem with Forex Association of India, FIMMDA as well as Reserve Bank of India to ensure smooth functioning of forex trade in India.
India Forex >> Privacy Policy
| 