BIS central bankers’ speeches  7  31. This brings me to my last and the most important point. The role of Authorised Dealers and FEDAI in times to come.
The Authorised Dealers led a very protected life in the FERA regime and never had to apply their mind to the permissibility of a foreign exchange transaction because it had to be based on an RBI permit or some other permit, for example, an import license. Today, it is not so.