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GENERAL INFORMATION ON FOREX TRADING

 
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Author GENERAL INFORMATION ON FOREX TRADING
kamal.icharts
Site Admin


Joined: 10 Apr 2013
Posts: 576

Post: #1   PostPosted: Tue Jun 17, 2014 11:15 am    Post subject: GENERAL INFORMATION ON FOREX TRADING Reply with quote

Dear Member,

An email was received from a reputed banking institution regarding Forex trading in India. Hence we thought it would be useful information to share with our members. Please read the below matter in bold carefully

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You may be aware, that as per the guidelines issued by the Reserve Bank of India (RBI) vide its circular dated 17 September 2013, overseas foreign exchange trading (including through electronic/internet trading portals) is prohibited under the Foreign Exchange Management Act (FEMA), 1999.

Further, RBI has clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals or by use of credit and debit cards is not permitted. RBI has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic or overseas markets.

The regulator has cautioned that any person resident in India collecting and effecting or remitting payments directly or indirectly outside India in any form towards overseas foreign exchange trading through electronic or internet trading portals would render himself/herself/themselves liable for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms or Anti Money Laundering (AML) standards.

Further RBI has also directed that as and when the Bank comes across any prohibited transaction undertaken by its customer, the Bank will immediately close the credit card, debit card or account and report the same to RBI.

In view of the above, you are strongly advised against entering into any such prohibited transaction through your card. Also note that any usage of this nature will be the sole responsibility of the Cardholder. In case any overseas foreign exchange trading transaction is observed on your card, the Bank would be constrained to close the card(s)/account and report the same to RBI, as per aforementioned directive.

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Regards

Kamal
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