RBI likely to move Trai, MeitY against unauthorised forex platforms

May seek invocation of clauses in major social media and search engines like FB, Google, etc to disallow adv content that is not compliant with local laws of their target audience

The Reserve Bank of India (RBI) is considering approaching the Telecom Regulatory Authority of India (TRAI) / Ministry of Electronics and Information Technology (MeitY) for banning content promoting unauthorised foreign exchange and derivatives trading platforms on digital media.

The central bank would request the ministry and the regulatory body to invoke clauses in major social media and search engine platforms such as Facebook, Twitter, YouTube, Google, Bing, etc., that disallow advertisement contents that are not compliant with local laws of their target audience, sources in the know of the matter told Business Standard.

The prominent app stores, such as those