AMN
The Reserve Bank of India has added 19 more entities, platforms and websites to the Alert List of unauthorized forex trading platforms. These include the mobile application named ‘Gate Trade’ and 18 other entities like Admiral Market, BlackBull, Forex4you, PU Prime and Real Gold Capital Ltd. Accordingly, the number of illegal entities has increased to 75.
RBI has said that these entities are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 nor authorised to operate electronic trading platforms – ETP for forex transactions.
RBI has urged citizens to remain vigilant and ascertain the legality of the entity by checking its credentials from the RBI’s website, wherein the apex bank regularly publishes the List of Authorised Persons and ETPs that are allowed to undertake forex transactions.