RBI Alert List: Full list of unauthorised forex apps and websites banned by Reserve Bank of India

Full list of forex apps and websites banned for forex transactions by the Reserve Bank of India – Check list of banned forex websites in India

RBI Alert List: Full list of unauthorised forex apps and websites banned by Reserve Bank of India
RBI has unauthorised several apps and websites for forext trade in India. Using them may land you in legal trouble. Representational image

Full list of apps and websites unauthorised for forex transactions in India by RBI: The Reserve Bank of India on 7 September 2022 issued an “Alert List” comprising names of apps and entities that have not been authorised to deal in forex and to operate electronic trading platforms for forex transactions. Many unauthorised platforms lure people by promising lofty returns on investment. However, using such platforms is not just risky but may also land the users in legal trouble.

Users of these unauthorised platforms may be prosecuted, according to RBI.

“Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. 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 legal action under the FEMA,” the RBI said in a statement dated 7th September 2022.

Full list of unauthorised Forex trading apps and websites

list of banned forex apps and websites in india
Source: RBI website

The central bank said that the above list is not exhaustive and is based on what was known to the RBI at the time of publication. It said that any entity not appearing in this list should not be assumed to be authorised by the RBI. 

The full list of authorised persons and ETPs for forex transactions are available on the RBI website.

Also Read: Your lakhs of rupees in bank account will turn to zero if not aware of these hi-fi tricks

According to RBI, resident persons should undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA (Foreign Exchange Management Act, 1999). 

“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 viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” the central bank said. 

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.