RBI on September 07, 2022 has issued an Alert List of entities which are not authorized to deal in forex and to operate electronic trading platforms for forex transactions. RBI has published in its website an “Alert List” of entities which are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms for forex transactions.
Members of the public are once again cautioned not to undertake forex transactions on unauthorized ETPs or remit/deposit money for such unauthorized transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorized by the RBI shall render themselves liable for legal action under the FEMA.
