RBI cracks down on illegal forex trading
Reserve Bank of India (RBI) is in talks with banks and the government for more stringent measures to ensure that banking channels are not misused for illegal forex trading.
In a letter to all stakeholders last month, the RBI sought suggestions on the matter and also urged them to create greater public awareness.
Earlier this year, the Directorate of Enforcement arrested two businessmen in connection with illegal activity.
75 entities in alert list so far
The investigations revealed that the Kolkata-based accused controlled and managed 180 bank accounts, from which Rs 120 crore was seized.
«There would be far more scrutiny by banks on account holders making forex transactions on non-authorised platforms, including apps,» said one of the officials who didn't want to be named.
