| Dear Sir / Ma’am, |
| Subject: Directions issued by RBI w.r.t Unauthorised Foreign Exchange Transactions issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) |
| Thank you for banking with us. It is our constant endeavour to offer a smooth and seamless banking experience to you at all times. |
| We would like to make you aware of the RBI guidelines dated 24th April, 2024 regarding unauthorised foreign exchange transactions where unauthorised entities offer foreign exchange (forex) trading facilities to Indian residents with promises of disproportionate / exorbitant returns. |
| It is also observed that these entities are providing options to residents to remit / deposit funds in Rupees for undertaking unauthorised forex transactions using various digital channels. |
| We advise you to refer to the ‘Alert List’ containing names of entities (This list is indicative and not exhaustive) which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate Electronic Trading Platform (ETP) for forex transactions. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs. |
| We would advise you to be vigilant, exercise caution and liaise with ‘Authorised Persons’ and ‘Authorised ETPs’ for processing / routing any forex transactions. |
| Please visit our nearest branch or contact your Relationship Manager for further clarification. |
Warm regards,
Team Kotak Mahindra Bank |
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