UNAUTHORISED FOREX TRADING
Zerodha's Nithin Kamath flags famous actors promoting unregulated trading platforms through ads
Zerodha's co-founder Nithin Kamath expressed concerns about celebrities, including actors, endorsing advertisements for unauthorized trading platforms. He noted seeing a famous actor promoting such a platform and gave them the benefit of the doubt regarding awareness. Notably, similar issues have arisen with actors endorsing Octafx, another problematic platform.
Unauthorised forex dealers duping customers: Names of 75 forex dealers on RBI’s alert list
RBI has noted that these organisations are giving locals the ability to transfer or deposit money in Rupees in order to conduct illicit foreign exchange transactions using domestic payment methods including internet transfers, payment gateways, etc.
RBI urges banks for caution on unauthorised forex transactions
The central bank said in a notification on Wednesday that it has come across instances of unauthorised entities offering foreign exchange trading facilities to individuals with promises of disproportionate and exorbitant returns.
RBI’s list of 75 unauthorized forex trading platforms; How to check authorised list
Customers have received many warnings from the regulator not to transmit or deposit money for forex transactions or to undertake forex transactions on unapproved electronic trading platforms.
RBI cracks down on illegal forex trading
"There would be far more scrutiny by banks on account holders making forex transactions on non-authorised platforms, including apps," said one of the officials who didn't want to be named. "The regulator wants lenders to further ensure that Know Your Customers (KYC) norms for all parties in such transactions are strictly followed."
RBI adds 19 unauthorised forex trading platforms in Alert List
The Reserve Bank of India has updated its 'Alert List' of unauthorised forex trading platforms, adding 19 new ones to the total of 75. The list includes entities not authorized to deal in forex under the FEMA or operate ETPs for forex transactions. The RBI stated that the list is not exhaustive and should not be assumed to be authorised.
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RBI issues fresh list of unauthorised forex trading platforms; How to check authorised list
In recent months, there have been a number of instances of forex scams when con artists entice the public with the promise of substantial returns on investments in a short amount of time.
RBI updates 'Alert List' of entities not authorised to deal in forex trading
The names added on Wednesday are: QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade.
RBI issues alert list of entities not authorized to deal in forex trade
The Reserve Bank of India has cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms or remit/deposit money for such unauthorised transactions
RBI updates 'Alert List' of entities not authorised to deal in forex trading
It further said that an entity not appearing in the Alert List should not assume that it is authorised by the RBI to deal in foreign exchange or can operate electronic trading platforms for forex transactions
Xiaomi India has no pact with Qualcomm, hence no question of royalties: ED
The agency, which probes forex law violations, was objecting to the Chinese handset maker’s petition in the Karnataka High Court, challenging the ED order to freeze assets worth over Rs 5,500 crore for alleged FEMA violations.
Forex trading, transactions with unauthorised dealers, websites can lead to trouble: How to check authorised list
Using unauthorised platforms for forex transactions could lead to loss of money and penal actions against you. So, you need to be careful while doing forex transactions online or offline. Here is a guide for you
RBI places unauthorised forex dealers on alert list
The regulator said that any entity not appearing in the Alert List should not be assumed to be authorised by the RBI. "The authorisation status of any person or electronic trading platform can be ascertained from the list of authorised persons and authorised ETPs, which are already made available in the RBI website," the regulator said.
Beware! Check this alert list from RBI if conducting a forex transaction
The Reserve Bank of India on Wednesday said that it will place an 'alert list' of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions.
Bank fraud: ED slaps biggest ever FEMA notice of Rs 7,220 crore on Kolkata firm
The central probe agency has charged Shree Ganesh Jewellery House (I) Ltd and its promoters by an order issued by the adjudicating authority of the Foreign Exchange Management Act (FEMA) in Kolkata.
PNB’s LoU story spoils plot for import finance
Lenders such as Axis Bank, Canara Bank, IDBI Bank have either cut back on issuing LoUs or stopped them for certain categories one week after the scam unfolded.
No online payment for forex trade: RBI to credit card firms
Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions.
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