Tuesday, March 15, 2011

RESIDENTS CANNOT TRADE IN FOREX: RBI

Indian residents can not trade in foreign exchange in domestic or overseas markets, under the Foreign
Exchange Management Act (FEMA), clarified the RBI. The RBI also clarified that remittance in any form towards overseas foreign exchange trading through electronic or internet trading is not permitted under the FEMA. Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognized by the SEBI, subject to the conditions specified by the RBI.

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