• UGI USER
  • Apr 09, 2024
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RBI GOVERNOR FLAGS CONCERNS OVER UNAUTHORISED FOREX TRADING PLATFORMS.

Why in the news?

RBI Governor raises concerns about unauthorised forex platforms, urges banks to enhance vigilance against illegal activities.

source:slideshare

Highlights of the Alerts and Cautioning:

  • RBI Governor Shaktikanta Das addressed concerns over unauthorised forex trading platforms, urging banks to enhance vigilance against illegal activities.
  • The RBI has been cautioning both banks and the public about such platforms, issuing an alert list and updating it regularly.
  • Misleading advertisements and reports of frauds by unauthorised platforms led the RBI to caution the public against engaging in forex transactions with them.
What  are  forex  transactions ?

  • FX Transaction, or “FX-i Transaction,” involves one party buying an agreed amount in one currency.
  • In exchange, the other party sells an agreed amount in another currency.
  • Essentially, it’s a currency exchange agreement between two parties.

Source:

https://indianexpress.com/article/business/economy/unauthorised-fx-platforms-need-enhanced-vigilance-by-banks-9259044/#:~:text=Reserve%20Bank%20of%20India%20(RBI)%20Governor%20Shaktikanta%20Das%20on%20Monday,vigil%20against%20such%20illegal%20activities.