Mumbai: Reserve Bank of India (reserve Bank of India) has added 18 internet domains and one mobile application to the list of illegal forex trading platforms providing services to Indians. This brings the total number of identified providers to 75.
According to RBI, these institutions are not authorized to transact in foreign currency. Foreign Exchange Management Act (FEMA), nor are they allowed to operate electronic trading platforms for foreign exchange transactions.
Although RBI issues alerts against websites providing services illegally in India, it cannot shut them down as they are registered abroad in countries where they are legal. news network
According to RBI, these institutions are not authorized to transact in foreign currency. Foreign Exchange Management Act (FEMA), nor are they allowed to operate electronic trading platforms for foreign exchange transactions.
Although RBI issues alerts against websites providing services illegally in India, it cannot shut them down as they are registered abroad in countries where they are legal. news network
(TagstoTranslate)RBI(T)Mumbai Reserve Bank of India(T)Foreign Exchange Management Act(T)FEMA