The central bank said in a notification on Wednesday that it has come across instances of unauthorised entities offering foreign exchange trading facilities to individuals with promises of disproportionate and exorbitant returns.
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In order to enhance the ease of doing business, RBI has proposed to introduce a new category of money changers (under the scheme namely Forex Correspondents Scheme). These money changers may conduct money changing business through any agency model via Category-I and Category-II authorised dealers