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MUMBAI: The Reserve Bank of India (RBI) has added 18 internet domains and one mobile application to the list of illegal foreign exchange trading platforms that provide services to Indians. This brings the total number of identified providers to 75.
According to RBI, these entities are not authorised to deal in foreign exchange under the Foreign Exchange Management Act (FEMA), nor are they allowed to operate electronic trading platforms for forex transactions.
While RBI issues alerts against websites that provide services illegally in India, it cannot shut them down as they are registered overseas in countries where they are legal. tnn
According to RBI, these entities are not authorised to deal in foreign exchange under the Foreign Exchange Management Act (FEMA), nor are they allowed to operate electronic trading platforms for forex transactions.
While RBI issues alerts against websites that provide services illegally in India, it cannot shut them down as they are registered overseas in countries where they are legal. tnn
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