RBI has identified some websites and platforms as unauthorized for forex transactions. But if someone still uses them, they will be punished.
RBI Alert For Unauthorized Forex Entities: The Reserve Bank of India keeps on alerting frequently keeping in view the safety of the customers. Once again the Central Bank has issued an alert to the users regarding the institutions related to foreign exchange transactions. And it is advised not to use them. Actually, RBI has issued a list of such websites and platforms under the Foreign Exchange Management Act, 1999, which are unauthorized. Not only this, these institutions are also not authorized to operate Electronic Trading Platforms (ETPs), such information has been given by the Central Bank.
RBI said that “In this alert list, such websites/institutions/platforms have been included, which encourage such unauthorized institutions/ETPs. These institutions also claim to provide advertising or training services, including facilitating foreign exchange trading through unauthorized institutions, and the availability of dreamy trading and other facilities in a “simulated environment”. Not even transparent.
Further, the Central Bank said in the statement that despite this, if any citizen directly or in any other way uses the institutions included in the list. So he will be eligible for penalty under the provisions of FEMA. Also, RBI has advised to use only FEMA authorized institutions and websites. You can check the list of all unauthorized on the official website of RBI.
RBI issues an updated Alert Listhttps://t.co/j1y53QC3cx
— ReserveBankOfIndia (@RBI) February 10, 2023
