Don’t fall for fictitious offers: RBI to customers

Published On: 06, Dec 2017 | Source:

The Reserve Bank has again expressed concerns over customers being allured by fictitious offers in forms of lottery, business deals and credit cards and warned against falling prey to any such schemes. The RBI’s Foreign Exchange Department (FED), Chandigarh organised a Conference “Forex for You” for Authorised Dealer (AD) Banks, their exporter/importer/FDI clients and full- fledged money changers (FFMCs) at Mcleodganj in Dharamshala (Himachal Pradesh ) on December 5.

Harish Khanna, AGM, FED, Chandigarh, stated, “The RBI has been conducting such programmes from time to time at various places in order to increase the level of awareness amongst the stakeholders on various forex matters.
Nirmal Chand, Regional Director, RBI, Chandigarh, emphasised the role of Authorised Dealers in promoting/ facilitating trade transactions.

He added, “This assumes greater significance in export/tourist intensive areas such as Dharamshala and its surroundings. RBI’s vision is to reach the last mile in terms of raising customer awareness in respect of various regulations governing the financial sector.”

He also expressed concerns over the rising incidences of alluring fictitious offers in the form of lottery, business deals, credit cards etc and urged the participants to spread awareness among the general public not to fall prey to all these offers and lose money.

Chief Guest of the Function, Sandeep Mittal, General Manager, FED, Central Office Mumbai, discussed the emerging challenges and opportunities for various stake holders in the forex market.
He gave a detailed presentation on recent regulatory pronouncements on foreign trade, merchanting trade, EDPMS/IDPMS, NRO/NRE accounts, remittance facilities, etc.
This was followed by a highly interactive ‘Open House Session’ in which all the dignitaries replied to the queries raised by the participants on varied issues.
Sunil Soni, Circle Head, Punjab National Bank and other senior bankers/money changers and their customers from the region were present in the conference.