V/D/C NEWS :
.jpeg "RBI Alert List: Using these apps and websites will land you in legal trouble ? Check full details here")
Full list of apps and websites unauthorised for forex transactions in India by RBI: The Reserve Bank of India recently issued an “Alert List” comprising names of apps and entities that have not been authorised to deal in forex and to operate electronic trading platforms for forex transactions. Many unauthorised platforms lure people by promising lofty returns on investment. However, using such platforms is not just risky but may also land the users in legal trouble.
Users of these unauthorised platforms may be prosecuted, according to RBI. Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” the RBI said in a statement dated 7th September 2022. The central bank said that the above list is not exhaustive and is based on what was known to the RBI at the time of publication. It said that any entity not appearing in this list should not be assumed to be authorised by the RBI.
The full list of authorised persons and ETPs for forex transactions are available on the RBI website.
According to RBI, resident people have to undertake foreign exchange transactions solely with accredited humans and for accredited purposes, in phrases of the FEMA (Foreign Exchange Management Act, 1999). While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” the central bank said.
