Currency Exchange Regulation and Currency Exchange Control in India
The paper is devoted to the study of currency exchange regulation and currency exchange control in India. The author has focused on the study of the history of regulation of currency transactions in the country under consideration, has examined the evolution of the India currency exchange system, has investigated the types of currency restrictions and legal basis of currency regulation and currency control. Particular attention in the article is paid to the study of the institutional subsystem of foreign exchange regulation in India. In particular, it has been concluded that the Reserve Bank of India, as well as the Directorate of Law Enforcement, could be classified as foreign exchange control authorities. The author analyzes the powers of the bodies under consideration. The study has showed that the Directorate of Law Enforcement not only performs the functions of a foreign exchange control body, but also carries out the functions of financial monitoring.