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Foreign Exchange Dealer’s Association of India (FEDAI)
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Foreign Exchange Dealer’s Association of India (FEDAI)

by FORORYJuly 1, 2017
Overview
Type

Association

Abbreviation

FEDAI

Founded

1958

Headquarters

Mumbai, India

Phone Number

+91 22 22184432 / 22182549

Website

http://www.fedai.org.in/

Foreign Exchange Dealer’s Association of India (FEDAI)

Foreign Exchange Dealer’s Association of India (FEDAI) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers – ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It’s major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-à-vis public and liaison with RBI for reforms and development of forex market.

Presently some of the functions are as follows:

  • Guidelines and Rules for Forex Business.
  • Training of Bank Personnel in the areas of Foreign Exchange Business.
  • Accreditation of Forex Brokers
  • Advising/Assisting member banks in settling issues/matters in their dealings.
  • Represent member banks on Government/Reserve Bank of India/Other Bodies.
  • Announcement of daily and periodical rates to member banks.
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