RBI updates 'Alert List' of entities not authorised to deal in forex trade

The Reserve Bank on Wednesday updated its 'Alert List' for the public on unauthorised forex trading platforms by adding eight more entities taking the total to 56.

In September last year, the central bank came out with an 'Alert List' of unauthorised forex trading platforms containing the names of 34 entities.

The list was updated in February also. Now there are 56 entries in the list.

The names added on Wednesday are: QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade.

The authorisation status of any person/Electronic Trading Platform (ETP) can be ascertained from the list of authorised persons and authorised ETPs available on the RBI's website.

The RBI had cautioned residents against entities/platforms/websites promoting unauthorised forex trade.

It had also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for 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 provisions of FEMA.