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Mumbai: The Reserve Bank of India (RBI) on Wednesday issued an alert against unauthorised entities offering foreign exchange (forex) trading facilities to Indian residents with promises of exorbitant returns.
The RBI has asked all banks to refer to an alert list, which mentions the names of entities that are not allowed to undertake forex transactions and to inform their customers as well.
An RBI investigation has revealed that to facilitate unauthorised forex trading, these entities have taken recourse to engage local agents who open accounts at different bank branches for collecting money towards margin, investment, charges, etc.
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