ूेस ूकाशनी PRESS RELEASE
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________________________________________________________________________________________________________
DEPARTMENT OF COMMUNICATION, Central Office B.S.Marg, Mumbai-400001 , S.
फोन/Phone: 91 22 2266 0502 फै
स/Fax: 91 22 2266 0358
भारतीय ǐरज़व[
बᱹक
RESERVE BANK OF INDIA
वे
बसाइट :
www.rbi.org.in/hindi
Website :
www.rbi.org.in
इ-मेल email:
[email protected]
February 21, 2011
RBI Advisory on Overseas Forex Trading through
Electronic / Internet Trading Portals
The Reserve Bank of India has today clarified that remittance in any form
towards overseas foreign exchange trading through electronic/internet trading portals
is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The
Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do
not permit residents to trade in foreign exchange in domestic / overseas markets.
Residents are, however, permitted to trade in currency futures and options
contracts, traded on the stock exchanges recognised by the Securities and
Exchange Board of India (SEBI) in India, subject to the conditions specified by the
Reserve Bank from time to time.
Background
The Reserve Bank had noticed advertisements issued by electronic / internet
portals offering trading or investing in foreign exchange with guaranteed high returns.
Many companies even engage agents who personally contact gullible people to
undertake forex trading/ investment schemes and entice them with promises of
disproportionate / exorbitant returns.
The Reserve Bank of India cautions the public not to remit or deposit money
for such unauthorised transactions. The advice has become necessary in the wake
of many residents falling prey to such tempting offers and losing money heavily in
the recent past.
Alpana Killawala
Press Release : 2010-2011/1196 Chief General Manager