Banks play an important role in all foreign exchange transactions in India. All receipts and payments in foreign exchange are require to be settled in almost all cases through a bank authorised to deal in foreign exchange. Section 6 of FERA requires the bank to obtain a licence from Reserve Bank of India (RBI) to deal in foreign exchange, and such banks are the "authorised dealers" in foreign exchange.Indian national and persons of Indian origin resident abroad can open bank accounts in India freely, out of funds remitted from abroad in foreign exchange ,or out of funds legitimately due to them in India. RBI has granted general permission to "Authorised Dealers" to open such accounts freely, although in some cases the requests of Non-residents will have to be approved by RBI.
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