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RBI flags unauthorized forex entities offering exorbitant returns
The Reserve Bank of India (RBI) on Wednesday flagged unauthorized entities offering foreign exchange (forex) trading facilities with promises of exorbitant returns. The central bank said that authorized dealers should promptly report such transactions to the Enforcement Directorate when they detect such instances. Upon investigation, the RBI noted that to facilitate unauthorized forex trading, these entities have employed local agents to open accounts at various bank branches to collect money related to margins, investments, charges, and more. These accounts are established under the names of individuals, proprietary concerns, trading firms, etc. In several instances, the transactions conducted in these accounts do not align with the stated purpose for their establishment. Additionally, these entities are offering residents the option to remit or deposit funds in Indian Rupees for engaging in unauthorized forex transactions via domestic payment systems such as online transfers and payment gateways, the RBI said.
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