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RBI has power to Revoke Authorisation [Section 10(3)] - FEMA Ready Reckoner - FEMAExtract RBI has power to Revoke Authorisation Authorisation and its revocation RBI can authorise any person as authorised person section (10(1) of FEMA Act,. The authorised person shall be in writing and subject to the conditions prescribed in the authorisation letter. An authorisation granted by RBI may be revoked by the Reserve Bank at any time if the Reserve Bank is satisfied that- (a) it is in public interest so to do; or (b) the authorised person has failed to comply with the condition subject to which the authorisation was granted or has contravened any of the provisions of the Act or any rule, regulation, notification, direction or order made thereunder. such revocation can be only after the dealer has given an opportunity for making representation. [ Section 10(3) Of FEMA Act ] RBI can issue directions to authorised person and ask them to furnish information. RBI can impose penalty upto Rs. 10,000/- for contravention of any direction. In case of continuing contravention, penalty upto Rs. 2000 per day can be imposed by RBI. [ Section 11 of FEMA Act ]
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