In order to curb the menace of illegal online forex trade by certain companies, the RBI has taken another strong step and asked all credit card companies to not permit payments for such transactions.
Indian Residents are not allowed to trade in foreign exchange in domestic or overseas markets under the Foreign Exchange Management Act (FEMA), but in recent times several internet and electronic trading portals have come up that lure citizens to trade in forex by guaranteeing high. The RBI in its notification stated that ‘such companies ask public to make the margin payments for such online forex trading transactions through credit cards or deposits in various accounts maintained with banks in India and hence card issuing companies who may also be advised to remain alert against permitting payments for such unauthorized transactions.’
In its circular the RBI has also asked all banks to ‘exercise due caution and be extra vigilant in respect of such transactions.’
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