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"Since 1979, the Federal Emergency Management Agency (FEMA) has been the Federal Government's lead agency in responding to and recover- ing from many of the Nation's greatest moments of crisis."
India is proposing New Foreign Exchange Rules. Stakeholders have been invited to share their comments regarding FEMA involvement on the draft Licensing Framework for APs. These comments will be accepted until January 31st, 2024.
APs stands for authorized persons to oversee the new functions and standards of their Foreign Currency Exchange Department.
The purpose of these actions will be to carry out the implementation of operational efficiency in their delivery of foreign currency exchanges going forward. This will cover all areas of an economy where exchanges take place such as airports and tourist exchange centers.
As you can see, a lot of management takes place behind the scenes of even the Banking and Market systems. Although it doesn't seem fast enough, we are moving forward.
Many people hold currencies the RBI will be moving through their system under their new digital asset-based trading payment system called the UPI.
The Unified Payments Interface (UPI) will be involved with moving the Iraqi Dinar, Indonesian Rupiah, Vietnamese Dong, US Dollar, Indian Rupee, and other currencies. These currencies used to utilize the US Dollar in trade, and now, they are beginning to use their own local currencies. Each will be given a watchful set of eyes to make sure foreign currency exchanges begin the process of new money flow efficiently and safely on a Global scale.
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