(DIR Series) Circular. Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to wherein AD Category I banks were advised to exercise due caution and be extra vigilant in respect of the margin payments being made by the public for online forex. AD Category - I banks may bring the contents of this Circular to the notice of their constituents and customers concerned. Accordingly, the Discussion paper on Foreign exchange trading platform for retail participants has been prepared and released for feedback. The discussion paper proposes a scheme to encourage transparent and fair pricing in the retail forex market by developing a foreign exchange platform for retail participants along the lines of the FX-Clear platform of Clearing Corporation of India Limited (ccil). The public is being asked to make the margin payments for such online forex trading transactions through credit cards / deposits in various accounts maintained with banks in India. Most of the forex trading through these portals are done on a margining basis with huge forex internetverbrauch leverage or on an investment basis, where the returns are based on forex trading. The RBI also asked banks to close the credit card or online bank account of a customer that is found to be in violation of the rule.
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Comments on the Discussion Paper may be forwarded to: The Chief General Manager, Reserve Bank of India. Yours faithfully, (Meena Hemchandra chief General Manager-in-Charge). In connection with such transactions. Subsequently, cash refunds are received from the sameoverseas entities into their credit card or bank accounts, itadded. The central bank has already reduced the limit for remittances made by residents to 75,000 from 200,000 per financial year. Financial Markets Regulation Department 1st Floor Mumbai Regional Office, Shahid Bhagat Singh Marg, Mumbai 400001, or by with subject line: Feedback on Retail FX platform by January 1, 2018. This is likely to provide transparency while enhancing competition leading to better pricing for all types of customers, without differentiating them on the basis of order size. The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. It is clarified that any person resident in India collecting and effecting / remitting such payments directly /indirectly outside India would make himself/ forex classic 2 mm herself liable to be proceeded against with for contravention of the Foreign Exchange Management Act (fema 1999 besides being liable for violation. 53 dated April 07, 2011 and the Press Release issued by the Reserve Bank dated February 21, 2011. Short-notes in response to key global events or data releases impacting the currency markets.
Trends, money market rates, capital market yields and foreign exchange rates.
Overseas forex trading through electronic / internet trading porta.
It has been observed that overseas foreign exchange trading has been.
Customers continue to undertake online trading in foreign exchange.
The discussion paper proposes a scheme to encourage transparent an d fair pricing in the retail forex market by developing a foreign exchange.