RBI on February 10, 2023 has issued an updated Alert List against unauthorised forex trading platforms. The Reserve Bank of India (RBI), vide Press release dated February 03, 2022 had cautioned the members of public against unauthorised forex trading platforms and vide Press Release dated September 07, 2022, issued an Alert List of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms (ETPs) for forex transactions.
The Alert List has been updated and includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
It is also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for 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 penal action under the provisions of FEMA.
