{"id":21025,"date":"2022-02-03T19:29:23","date_gmt":"2022-02-03T13:59:23","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-rbi-forex-trading\/"},"modified":"2022-02-03T19:29:23","modified_gmt":"2022-02-03T13:59:23","slug":"biz-rbi-forex-trading","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-rbi-forex-trading\/","title":{"rendered":"RBI cautions public against forex trading on unauthorised platforms\\n\\n\\nMumbai&#8217;"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-351514695\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Feb 3 (PTI) The Reserve Bank on Thursday cautioned the public not to undertake forex trading on unauthorised Electronic Trading Platforms (ETPs) or remit money against such transactions as these actions attract penalty under the Foreign Exchange Management Act (FEMA).<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4210411551\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The RBI said that it has noticed misleading advertisements of unauthorised ETPs offering forex trading facilities to Indian residents, including on social media platforms, search engines, Over The Top (OTT) platforms, gaming apps and the like.<\/p>\n<p> Asking the public not to undertake forex transactions on unauthorised ETPs or remit\/deposit money for such unauthorised transactions, the RBI said, &#8220;resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the FEMA.&#8221; \t While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges (NSE, BSE and Metropolitan Stock Exchange of India).<\/p>\n<p> The RBI also said remittances for margins to overseas exchanges\/overseas counterparties are not permitted under the Liberalised Remittance Scheme (LRS) framed under the FEMA.<\/p><div class=\"trade-content_5\" id=\"trade-1430755557\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> There have also been reports of unauthorised ETPs engaging agents who personally contact gullible people to undertake forex trading\/investment schemes and entice them with promises of disproportionate\/exorbitant returns.<\/p>\n<p> Further, there have been reports of frauds committed by such unauthorised ETPs \/ portals and many residents losing money through such trading \/ schemes, the RBI said. PTI NKD CS  MKJ<\/p>\n<div class=\"trade-after-content\" id=\"trade-3201041134\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Feb 3 (PTI) The Reserve Bank on Thursday cautioned the public not to undertake forex trading on unauthorised Electronic Trading Platforms (ETPs) or remit money against such transactions as these actions attract penalty under the Foreign Exchange Management Act (FEMA). The RBI said that it has noticed misleading advertisements of unauthorised ETPs offering forex [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1795,31],"tags":[],"class_list":["post-21025","post","type-post","status-publish","format-standard","hentry","category-foreign-exchange-and-rupee-price","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI cautions public against forex trading on unauthorised platforms\\n\\n\\nMumbai&#039; - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-rbi-forex-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI cautions public against forex trading on unauthorised platforms\\n\\n\\nMumbai&#039;\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Feb 3 (PTI) The Reserve Bank on Thursday cautioned the public not to undertake forex trading on unauthorised Electronic Trading Platforms (ETPs) or remit money against such transactions as these actions attract penalty under the Foreign Exchange Management Act (FEMA). 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