Further, these restrictions are applicable also to remittances for participation in lottery-like schemes functioning under different names, such as, money circulation scheme or remittances for the purpose of securing prize money or awards.
The RBI has clarified that it neither maintains any account in the name of individuals, companies or trusts in India to hold funds for disbursal nor does it allow individuals to open an account to deposit money with the Reserve Bank.
It also does not issue any certificates or advices or confirmations, evidencing receipt and holding of money in these accounts.
Hence, the central bank has advised the public not to remit or deposit money in such accounts in response to fictitious offers or representations.
The public may immediately bring the details of such offers to the notice of local police authorities for booking the culprits, it said in a release.
The Reserve Bank of Indias comes in the wake of many residents falling prey to such tempting offers and losing money in the recent past.
On several occasions in the past, the Reserve Bank of India has cautioned the members of public not to fall prey to fictitious offers, lottery winnings or remittance of cheap funds in foreign currency from abroad by certain foreign entities or individuals, including Indian residents acting as representatives of such entities or individuals. These offers are generally made through letters, e-mails, mobile phones, SMSs, it said.