Prohibition on overseas forex remittances: unauthorized internet forex trading payments are not permitted and banks must block facilitation. Remittance or deposit of funds by residents for overseas foreign exchange trading through internet portals is not permitted under the Foreign Exchange Management Act. Authorised Dealer Category-I banks must exercise heightened vigilance over margin payments and accounts used to collect such monies, publicise the restriction, and ensure compliance with KYC and AML obligations; residents remitting funds for such trading may be proceeded against for contravention of foreign exchange law.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prohibition on overseas forex remittances: unauthorized internet forex trading payments are not permitted and banks must block facilitation.
Remittance or deposit of funds by residents for overseas foreign exchange trading through internet portals is not permitted under the Foreign Exchange Management Act. Authorised Dealer Category-I banks must exercise heightened vigilance over margin payments and accounts used to collect such monies, publicise the restriction, and ensure compliance with KYC and AML obligations; residents remitting funds for such trading may be proceeded against for contravention of foreign exchange law.
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