Authorized dealers must undertake to the RBI to adhere to the terms and conditions which are periodically introduced by FEDAI. Thus, there are different rules for different transactions mainly to safeguard the interest of importers, exporters, the general public as a whole and also authorized dealers. FEDAI sets out the terms and conditions that examine daily Forex transactions in India. In addition, it also supports the associated banks in advising and assisting in the training of their staff. It then certifies the foreign exchange brokers of India and announces the exchange rates for their associated banks.
The role of the Foreign Exchange Dealers Association of India has witnessed a steady change in recent years largely due to the ongoing integration of international financial sectors and increased liberalization. Several changes occurred in the exchange after witnessing the liberation of the financial sector from government regulations. Under these circumstances, FEDAI acts as a catalyst and ensures the proper functioning of markets while co-coordinating closely with the Reserve Bank of India and other organizations in the group. It takes full advantage of other associated banks through constant improvement in areas such as product customization, market intelligence, risk management, etc.
The currency issue is very vast and very few bankers have gained mastery. FEDAI has its own website that announces periodic data related to the market, accessible to the general public and its members. In 2008, FEDAI launched a treaty and a brochure that marks the conclusion of its 50 years. He talks about the currency facilities that will be of great help to Indian citizens. It also provides in-depth understanding and self-awareness among members of the Authorized Merchants affiliate team whose responsibility is to manage customer concerns and improve the quality of customer service.
The Foreign Exchange Dealers Association of India and The RBI shared an unparalleled and close affiliation all these years. Although there is no official association with the RBI, FEDAI works in accordance with Reserve Bank guidelines. FEDAI has been a partner of many since its inception to implement best practices in foreign exchange trading. In addition, FEDAI has been instrumental in being a channel of communication between authorized resellers and the Reserve Bank and continues to offer its support and important information.
Source by Jayden William