Under the Foreign Exchange Law, an Authorised Person is a person who is authorised by the Reserve Bank of India to deal in foreign exchange.

The main functions of an Authorised Person include buying and selling foreign exchange, lending and borrowing foreign exchange, and investing in foreign exchange.

The powers of an Authorised Person include opening and maintaining foreign currency accounts, issuing foreign currency loans, and investing in foreign securities.

The Reserve Bank of India is responsible for regulating Authorised Persons.

Violating the Foreign Exchange Law can result in both fines and imprisonment.

The maximum penalty for violating the Foreign Exchange Law is both a fine of ₹10 lakh and imprisonment for 7 years.

The role of the Authorised Person in the Foreign Exchange Market is to facilitate the smooth functioning of the market, ensure that the market is fair and orderly, and protect the interests of investors.

The different types of Authorised Persons include banks, non-banking financial companies, and primary dealers.

The eligibility criteria for becoming an Authorised Person include being a company registered under the Companies Act, having a net worth of at least ₹10 crore, and having a sound financial track record.

The procedure for becoming an Authorised Person includes applying to the Reserve Bank of India, submitting a detailed business plan, and paying a registration fee.

The ongoing obligations of an Authorised Person include maintaining a minimum net worth, submitting periodic reports to the Reserve Bank of India, and complying with the Foreign Exchange Law and regulations.

Failing to comply with the ongoing obligations can result in cancellation of Authorisation, fines, imprisonment, or all of the above.

The role of the Reserve Bank of India in regulating Authorised Persons includes issuing Authorisations, supervising Authorised Persons, and enforcing the Foreign Exchange Law and regulations.

The recent developments in the regulation of Authorised Persons include the Reserve Bank of India issuing new guidelines for Authorised Persons, the Government of India amending the Foreign Exchange Law, and the Ministry of Finance issuing new regulations for Authorised Persons.

The future of the regulation of Authorised Persons includes the Reserve Bank of India planning to further tighten the regulation of Authorised Persons, the Government of India planning to introduce new laws to regulate Authorised Persons, and the Ministry of Finance planning to issue new regulations to regulate Authorised Persons.