It was set up in the year 1958. The Authorised dealers in Foreign Exchange have formed an association called FEDAI in order to lay down certain terms & conditions for transactions in foreign exchange business.
Role/Functions of FEDAI:
- Guidelines & Rules for Forex Business
- Training of Bank Personnel in the area of Foreign Exchange Business
- Accreditation (Granting of approval) of Forex Business
- Advising/Assisting members banks in settling issues/matter in their dealings
- Represent member banks on Govt/Reserve Bank of India/Other bodies
- An announcement of daily & periodical rates of members banks.