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October 2013

A. P. (DIR Series) Circular No. 46 dated 17th September, 2013

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Overseas forex trading through electronic/internet trading portals

This circular reiterates the prohibition on undertaking online trading in foreign exchange through portals/websites by residents. Further, it warns of stern action, as prescribed under FEMA, against the residents undertaking these transactions as well as banks which continue to allow the residents to undertake these transactions and fail to report these violations to the RBI.

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