Informist, Wednesday, Sep 7, 2022
NEW DELHI – The Reserve Bank of India today issued an alert list of 34 entities that are not authorised to deal in foreign exchange transactions.
The list includes entities that are not authorised to operate under the Foreign Exchange Management Act, 1999 as well as operate under the Electronic Trading Platforms Directions, 2018.
“An entity not appearing in the alert list should not be assumed to be authorised by the Reserve Bank of India,” the Reserve Bank of India said in a release. It also reiterated that resident persons can undertake foreign exchange transactions only with authorised persons and for permitted purposes, in terms of the FEMA.
“While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs (electronic trading platforms) authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” it said.
The list comes after, the central bank in February cautioned against foreign exchange transactions on unauthorised electronic trading platforms or remitting/ depositing money through such platforms.
Informist had reported in February that the government is likely to ask the Directorate of Enforcement to look into the modus operandi of online portals offering unauthorised foreign exchange in violation of Reserve Bank of India norms.
Below is the alert list :-
End
US$1 = 79.90 rupees
Reported by Pratiksha
Edited by Michael Correya
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