will tell whether the notifications contained harsh enough threats for traders. In addition, the banks are obliged to report the violators to the. The, rBI said back then that the extra vigilance reflects misleading advertisements on online brokerage websites which promise guaranteed excessive returns. Harsher penalties include blocking of the violator's bank account, as well as certain financial punishments, which depend on the scale of the law breach and whether the individual stops the illicit activity. Hence, the fines are not small for an average trader. Forex, oTC trading has been illegal in India for quite some time and, still, traders have found ways to circumvent the rigid laws and trade.
Reserve bank of india: RBI bats for retail users of forex trading - The Economic Times However, both forex and debt traders were doubtful whether the rally in the rupee and bonds would last through the week.
Reserve bank of india: RBI bats for retail users of forex trading - The Economic Times Yes if you are transferring the money rbi overseas circulars trading then probably you are forex the, rBI work at home inc.
Trading u can pay income tax to govt whatever gain u have made on basis of this forex.
Forex traders also expect the rupee to breach the record low The rupee has been the worst performer in the region, losing more than 5 percent so far in while inflation risks have increased on high oil trading raising the probability of faster hikes.
Reserve Bank of, india may have intervened in forex market to stem rupee fall, say dealers.
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But the OTC trading in which we are all in love is strictly forbidden. Apparently, there is no point for the banks to be silent about breaches of law. We are talking about an initial one-off fine of as much as INR 10,000 (162) and then extra fines (of as much as INR 10,000) for every day during which the individual has continued performing the illicit activity. RBI ) on September 17th issued a notification that orders banks to act tough on anyone involved in online. The first measure against a trader found to be engaged in such an activity will be a warning by the respective bank stating that the individual is in breach of the Foreign Exchange Management Act (fema) and that he/she is facing penalties according to the. By the way, FX trading has been always legal on authorized exchange venues in India.