........With the easing of exchange controls after 1991, there has been a perverse effect as the monolith regulation has given rise to multiple regulators as the powers have devolved from RBI to banks and further with the delegation of powers within each bank. In the upshot the bank customer faces a myriad of regulations which are not standardized. In May 2011, the RBI set up a Committee to review the Forex procedures for individuals both resident and non-resident with Ms. K.J. Udeshi (former Deputy Governor RBI) as Chairman. The Committee submitted its report in August 2011 and a number of procedural hurdles were eased. Nonetheless, there are still a number of unnecessary procedural impediments which need to be remedied........
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