Money & Banking

RBI cautions on fictitious offers for money from abroad

Our Bureau Mumbai | Updated on February 16, 2011


The Reserve Bank on Tuesday cautioned the members of public against responding in any manner to offers of money — such as lottery winnings/ remittance of cheap funds in foreign currency from abroad by so-called foreign entities/ individuals — from abroad.

Pointing out that fraudsters send attractive offers to gullible public, among others, through letters, e-mails, mobile phones, SMSs, the central bank has advised the public to immediately register a complaint with the local police/ cyber crime authorities when they receive such offers or become a victim of any such fraud.

The Indian Banks' Association and banks have been asked to educate their customers to be extra vigilant with regard to such fictitious offers.

The RBI cautioned that making any remittance towards participation in such schemes/ offers from unknown entities since such remittances are illegal and any resident in India collecting and effecting/ remitting such payments directly/ indirectly outside India is liable to be proceeded against for contravention of the Foreign Exchange Management Act, 1999. They are also liable for violation of regulations relating to Know Your Customer norms/Anti Money Laundering standards.

Published on February 16, 2011

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