2.  International developments  There has been two key developments over the last five years that have brought wide-ranging changes to the global social, economic and financial order. The first was the introduction of a single European currency.
With the increase in India’s foreign trade, several scheduled commercial banks were authorized by the Reserve Bank to deal in foreign exchange business. This led to the formation of FEDAI on August 16, 1958 with a mandate to lay down the terms and conditions which were mandatory in nature for the Authorized Dealers (ADs).