Basics of FOREX Part – 1 | For Bank Promotions and Bank Jobs




This video by Vinay Agarwal in Hindi is on Basics of FOREX . It is the first video of the series on Foreign Exchange Business. Foreign exchange business in India is governed by Foreign Exchange Management Act 1999, popularly known as FEMA 1999. The Reserve Bank of India administers FEMA and is the regulator for movement of Foreign Exchange . RBI authorises entities to conduct Foreign Exchange Business . These entities are called Authorised Persons . RBI issues directives pertaining to foreign exchange business under AP DIR Series. The Authorised Persons that are authorised to do all types of Forex transactions are called Authorised Dealer category I , in short AD I . These are banks . The association of foreign exchange dealers namely Foreign Exchange Dealers Association of India is a non profit company under Companies Act 1956 . FEDAI issues important guidelines to conduct forex business . The movement of foreign exchange is monitored by RBI while the movement of goods in international trade is monitored by the Customs department . The Customs department functions under Ministry of Finance . The Directorate General of Foriegn Trade , under Ministry of Commerce issues Foreign Trade Policy, FTP, every five years . It also issues importer exporter code (IEC) which is a prerequisite to import or export . The international body of customs, World Customs Organisation , have formulated a Harmonised System of codes for all types of merchandise . India has adopted these codes as Indian Trade Clarification for Harmonised System of codes ITC (HS).


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