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INDIAN BHW MEMBERS - NEW RBI GUIDELINES FOR DEBIT CARD . Please explain this ....

Discussion in 'BlackHat Lounge' started by gutterleech, May 13, 2012.

  1. gutterleech

    gutterleech Regular Member

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    Today I got this email from icicibank. can some one please explain what exactly does it mean? Does it mean that I can't use my debit card for any online purhase?

    As per Reserve Bank of India circular no.RBI/2010-11/ 472 dated April 7, 2011 and RBI/2011-12/262 A.P (DIR Series) Circular No. 46 dated November 17, 2011, remittances in any form towards overseas foreign exchange trading through electronic or internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999.

    Reserve Bank of India has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets through your Debit Card.

    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.
     
  2. imserious

    imserious Senior Member

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    It just means you can not do forex trading in india.
    Nothing to do with IM.
     
  3. mohitjmehta

    mohitjmehta BANNED BANNED

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    current indian govt. is worst govt. in history of india
     
  4. ajithrocksca

    ajithrocksca Jr. VIP Jr. VIP Premium Member

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    While what you said is absolutely true, this announcement has nothing to do with getting payments from outside india. Even paypal which initially introduced a restriction of $500 based on RBI guidelines has now relaxed it to $3000. I still send payments to my employees in India from here. Nothing has changed on that end.

    The announcement just means, you cannot use any third party services to do forex trading other than the exchanges recognized and authorized by SEBI.
     
  5. Roparadise

    Roparadise BANNED BANNED

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    Even for non RBI debit cards?
     
  6. nothingnothing

    nothingnothing Jr. VIP Jr. VIP Premium Member

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    Forex trading was never allowed in the first place in ICICI accounts you have to get a separate account (like demat account ) for it so its nothing new.