Reserve Bank of India (RBI) is the Apex body which controls the banking system in the countries. All rules and guidelines are set and laid down by RBI controlled exclusively by the Ministry of Finance, Government of India. Forex trading and business in India cannot be done by anyone. A set of rules and guidelines are to be followed, before being given the license to trade In Foreign Exchange. Banks are the widely used medium for trading forex whether it is individuals and corporate. Like every other business, Forex too has black marketers who deal in Forex albeit illegally. The RBI always instructs its citizens to be vary of illegal traders and to solicit only approved and legal license holders for Forex dealings.
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