https://www.taxtmi.com/circulars?id=52444 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. en-us Tue, 17 Sep 2013 00:00:00 +0530 Wed, 18 Sep 2013 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52444 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. Circulars FEMA Tue, 17 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52444