It has come to the notice of Reserve Bank of India that some entity, which may be a foreign one, is operating in India and doing NBFI business, including acceptance of deposits, without obtaining a certificate of Registration (CoR) from RBI. The company is misusing the name of RBI by displaying a fake CoR on its web site for collecting deposits from the public.

The Bank would like to clarify to the general public that no company / entity by the name, M/s Forex Achievements is registered as a company under the Companies Act, 1956 which is a prerequisite for obtaining CoR from the Bank. The CoR bearing Registration No. 07.00410 dated April 07, 2010 displayed by the entity on its web site is a fabricated one and not issued by RBI to it. Members of public are hereby cautioned not to deposit money with M/s Forex Achievements and such other unincorporated bodies. Persons depositing money with these unincorporated bodies would be doing so at their own risk.

Under Section 45 – S (1) of the Reserve Bank of India Act, 1934, unincorporated bodies that are carrying on the business of a financial institution or whose principal business is that of receiving deposits are prohibited from accepting deposits from the public and the State Governments are empowered to take action against such entities under Section 45T (1) of the RBI Act 1934.  Money circulation schemes are also banned under the Prize Chit and Money Circulation (Banning) Act 1978 and are governed by the respective State Governments.  Hence all complaints on unauthorised acceptance of deposits and running of money circulation schemes, when received by the Reserve Bank are immediately referred to the Economic Offences Wing of the concerned State Governments.

The public is hereby warned to be cautious in making investments with such entities.  Before making investments, they are advised in their own interest to visit the website of the Reserve Bank of India to check whether the companies they are placing deposits with are registered with the Reserve Bank and entitled to hold deposits.  The names of such companies are available on RBI’s web site at www.rbi.org.in-->sitemap-->NBFC List.

Ajit Prasad
Assistant General Manager

Press Release : 2010-2011/1910