Question
The Reserve Bank of India (RBI) has issued an updated
alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.In this latest update, how many platforms/ websites have been added?Solution
The Reserve Bank of India (RBI) has issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex. The bank has added eight names of platforms/websites. Earlier RBI issued the list of 48 entities in this regard. The alert list contains the names of entities that do not hold the necessary authority under the Foreign Exchange Management Act, 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The central bank also emphasized that engaging in unauthorized forex transactions or using unauthorized ETPs could lead to financial losses and other risks.
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