RBI issued a warning regarding transactions, stating that any transactions made through these website-platforms are illegal.
According to the Foreign Exchange Management Act of 1999, these businesses are not permitted to engage in foreign exchange trading, according to the RBI (FEMA). Additionally, these organisations lack the authorization to run electronic trading platforms (ETPs) for foreign exchange trades. The alert list of organisations has been updated, according to a statement from RBI.
The Reserve Bank of India (RBI) on Friday published a list of organisations to be cautious about called the RBI List of Illegal Foreign Exchange Entities. 1999, (FEMA), nor are they permitted to run electronic trading platforms (ETPs) for foreign exchange trades.
"We've updated the Alert List. It lists the names of organisations, platforms, and websites that support illegal organisations and ETPs. ads for unlicensed businesses or those claiming to offer consulting or training services, for example.
The statement warns people to stay away from organisations, websites, and platforms that support illegal businesses and ETPs. contains adverts for illegitimate businesses or people claiming to offer training or consulting services (such as on social media platforms and video streaming platforms). In order to facilitate and carry out foreign exchange trading through unlawful businesses, these claims also involve the provision of additional indirect facilities, such as "demo trading" in a "simulated environment."
The RBI further stated that any citizen may use any other currency if they let someone to remit or deposit money for foreign exchange transactions other than those approved by FEMA or sanctioned by the RBI, whether directly or indirectly, in Indian Rupees or in any other currency. This indicates that they will be subject to FEMA's criminal measures.
The following is a list of institutions that the RBI has released. The following organisations are not permitted to run electronic trading platforms or conduct foreign exchange business:
