Beware of fake offers: RBI


GANGTOK, June 28: The Reserve Bank of India (RBI) has appealed the people not to get lured by the fake offers for cheap funds claimed to have been remitted by overseas entities to it or banks in India.

Certain foreign entities or individuals make offers to people here through SMS, letters or emails on the pretext of helping them in their businesses and ventures in India, explained RBI Sikkim general manger Eugene E Karthak to media here while describing the modality of such offers.

Once the contact is established, the offer is followed by a request seeking details of the bank account of the individual and asking some amount to be remitted to them as initial amount so that the offered money could be transferred, said Karthak.

“It has also come into notice of the RBI, Sikkim branch that many people are falling easy prey of such conjured schemes”, said Karthak. He further said that the certain overseas organizations have been advising the people that huge sums of money for disbursal of loans in India at cheap rates has been kept in an RBI account and the funds would be released after the approval from the RBI.

This is untrue, said Karthak. He said that remittance in any form towards participation in lottery schemes is prohibited under Foreign Exchange Management Act 1999.

It was asserted that RBI does not maintain any account in the name of individuals, companies or trusts in India to hold funds for disbursal.

source;sikkim express