What is the punishment for forex trading in India?

[iTrade]

FEMA is a non bailable offence. Whatever you do think carefully. If you know how to make money in markets, stick to indian markets.
classic example is my account with interactive brokers. I have US and india account. And they are clear that indian regulations do not allow me to trade forex, intraday and margin trading in US account. Only delivery trading. So why a big shot like interactive brokers is abiding rules? Think on it. Avoid forex trading. You can trade INR currency pair in our markets.
We don’t know when govt decides to run behind all forex traders to charge and collect money and its within their rights.

 

[stoch]

I think there is no punishment if you use online payment systems, I have many Indian friends who trade at Hotforex with decent capital, they use Skrill for deposits and withdrawals and I didn't hear any complaints about difficulties with access.

 

[billi]

I guess those who bring in capital from out countries should be awarded and rewarded for at least they are bringing in money while risking their own capital.