Tuesday, October 15, 2013

Overseas forex trading through electronic/ internet trading portals prohibited

The Reserve Bank of India (RBI) has said that any person resident in India collecting and
effecting / remitting payments directly /indirectly outside India in any form towards overseas
foreign exchange trading through electronic/internet trading portals would make himself/herself / themselves liable to be proceeded against with for contravention of the Foreign Exchange
Management Act (FEMA), 1999.

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