RBI issues updated list of entities not authorized to deal in forex transactions

Mumbai: The Reserve Bank of India (RBI) yesterday 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 Apex Bank in its press release issued yesterday added eight names of platforms/websites. Earlier on February 10 the 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 informed.

 

The RBI has also urged the public to verify the authorization status of any person or ETP before engaging in any forex transactions.

 

The central bank also emphasized that engaging in unauthorized forex transactions or using unauthorized ETPs could lead to financial losses and other risks. The list of authorized persons and ETPs can be accessed on the RBI's official website.