Mumbai: Cautioning public against fictitious offers of large funds from unknown entities, the Reserve Bank of India (RBI) on Thursday advised them again to not get carried away by such offers.
The RBI has once again clarified that remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999, RBI said in a release.
Further, the RBI said that restrictions are also applicable on remittances for participation in lottery-like schemes functioning under different names.
The central bank clarified that it neither maintains any account in the name of individuals, companies or trusts in India to hold funds for disbursal nor does it allow individuals to open an account to deposit money with the bank.
The RBI has advised the public not to remit or deposit money in such accounts in response to fictitious offers/ representations. The public may immediately bring the details of such offers to the notice of local police authorities for booking the culprits, the release added.
The warning comes in the wake of many people falling prey to such tempting offers and losing money in the recent past.
The central bank has also cautioned the public in the past asking them not to make any remittance towards participation in such schemes or offers from unknown entities.