The Reserve Bank of India (RBI) has updated its ‘Alert List’ of unauthorised forex trading platforms by adding eight new entities, bringing the total to 56. The list was first introduced in September 2020, and the RBI has urged residents to use caution when using any platform that is not authorised by the central bank. Any resident who uses an unauthorised platform to remit or deposit funds in any currency for forex transactions, other than those permitted under the Foreign Exchange Management Act, may be subject to penal action under the Act. To verify a platform’s authorisation status, the list of authorised persons and Electronic Trading Platforms (ETPs) can be checked on the RBI’s website.
RBI Updates Alert List of Unauthorized Forex Trading Entities
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