For instance, under the new Overseas Investment regime, all transactions relating to ODI (or financial commitment) by an eligible resident entity in a foreign entity is required to be routed through the designated AD bank. The AD bank is not only responsible for ensuring bona fides of the transactions and compliance with KYC/ AML guidelines, but also compliance with FEMA provisions.
Smith lived at a time when market forces were beginning to erode the rigidities of the remaining feudal and medieval practices and the mercantilism that followed them.