Foreign Exchange Dealers Association of India (FEDAI) was established in 1958 as anassociation of all authorized dealers in India. All authorized dealers of Type 1 and Type 3, currently numbering over 90, are members. The headquarters is located in Mumbai and other local offices at Chennai, New Delhi, Bangalore and Kolkata. At the head office, by a managing committee the affairs of FEDAI are managed and local committees at local offices respectively. Banks incorporated in India and outside India represent the committees equally. The principal functions of FEDAI are:
b) To move around information likely to be of interest to its members.
c) It structures rules for the conduct of foreign exchange business in India. The rules made by FEDAI covers the various aspects like hours of business, charges for foreign exchange transaction, quotation of rates to customers, inter bank dealings, etc.
Thus, in the administrative setup of foreign exchange in India FEDAI plays a vital role. It is the mouthpiece of the authorized dealers, representing their views to the Reserve Bank and other International Agencies.