New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    The Reserve Bank of India (RBI) has issued an updated

    alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.In this latest update, how many platforms/ websites have been added?
    A 4 Correct Answer Incorrect Answer
    B 6 Correct Answer Incorrect Answer
    C 8 Correct Answer Incorrect Answer
    D 10 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.    The bank has added eight names of platforms/websites. Earlier RBI issued the list of 48 entities in this regard.  The alert list contains the names of entities that do not hold the necessary authority under the Foreign Exchange Management Act, 1999 (FEMA) or the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The central bank also emphasized that engaging in unauthorized forex transactions or using unauthorized ETPs could lead to financial losses and other risks.

    Practice Next

    Relevant for Exams: