Overseas forex trading restrictions: unauthorized remittances via online portals trigger FEMA breaches and banks must block accounts. Residents remitting funds from India to overseas electronic/internet trading portals for forex trading, including via credit cards or other electronic channels, may contravene the Foreign Exchange Management Act, 1999 and KYC/AML norms. AD Category I banks must warn customers, close cards/accounts on detecting prohibited transactions and report such defaults to the Reserve Bank of India in the prescribed format; failure to implement these measures may attract action under section 11(3) of FEMA, 1999.
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Overseas forex trading restrictions: unauthorized remittances via online portals trigger FEMA breaches and banks must block accounts.
Residents remitting funds from India to overseas electronic/internet trading portals for forex trading, including via credit cards or other electronic channels, may contravene the Foreign Exchange Management Act, 1999 and KYC/AML norms. AD Category I banks must warn customers, close cards/accounts on detecting prohibited transactions and report such defaults to the Reserve Bank of India in the prescribed format; failure to implement these measures may attract action under section 11(3) of FEMA, 1999.
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