Forex trading is legal in india?

jegan (Querist) 09 October 2013 This query is : Resolved
my friend have forex trading account in usa,
he transfer only 200 dollers through private bank debit card. now he have profit 10000 dollers ,its legal or not , and i dont know how he withdraw this amount , any rbi circular for this case?

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Rajendra K Goyal (Expert) 09 October 2013
All the Purchases and sales of any foreign currency should be as per rules and regulations under the FEMA (Foreign Exchange Management Act, 1999). Any transaction in contravention to FEMA is crime.

Raj Kumar Makkad (Expert) 11 October 2013
I do agree with Rajender K Goyal

Guest (Expert) 11 October 2013
According to the RBI Guidelines -

Money can be received in India up to a maximum of 2,500 USD or equivalent per transaction.

Cash pay out in India up to a maximum of Rs. 50,000/- per transaction. Any amount above this has to be paid through local cheque or pay order.

For more information you may feel free to contact at dcgroup1962@gmail.com

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