[www.keralites.net] Overseas Forex Trading Through Electronic/internet trading port

 

Overseas Forex Trading Through Electronic/internet trading portals
 

 

Now a days due to high fluctuations in the Indian currency some people lure to take advantage  by way of entering  into forex  trading through some unauthorized electronic/internet trading portals. Also, some banking customers continue to undertake online trading in foreign exchange on portals / websites offering such schemes wherein they initially remit funds from Indian bank accounts using credit cards or other electronic channels to overseas websites / entities and subsequently receive cash refunds from the same overseas entities into their credit card or bank accounts.   Normally they use their credit card to transfer money outside the country and also get credit on the same way.  Please be aware that, this is totally illegal and against Reserve Bank of India forex rules.  In India you are allowed to do the currency exchanges only through RBI approved money changers or banks.  

 

Recently RBI issued a circular directing all  AD Category I banks who offer credit cards or online banking facilities to their customers should advise their customers 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 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.

 

 

Best Regards

Prakash Nair

Certified Personal Financial Advisor (CPFA)

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www.keralites.net

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