Further, measures have been initiated to institutionalise the system for procedural simplification in respect of foreign exchange transactions both at the level of the Reserve Bank and authorised dealers. In recent years, the Reserve Bank has delegated authorities to authorised dealers to such an extent that there is hardly any need for the individuals to approach the Reserve Bank for any approval.
However, we have come across instances where the liberalised procedures have not permeated to the grassroot level in banks possibly due to lack of knowledge about various rules and regulations and also procedures to be followed for various types of forex transactions.