Today RBI had announced in its circular that forex Remittance limit for Residential individuals has been reduced from USD 200,000 to USD 75,000 per financial year with immediate effect.
The 20 minutes coverage on Bloomberg UTV study clearly mentions that Indian Individuals trading in Forex Markets are purely illegal.
In India, Foreign Exchange or Forex trading (Overseas Trading) is not allowed. If someone is found trading Forex on the stock market by the Reserve Bank of India’s representatives, he/she is immediately charged of violation of law. Hence it is legally a crime to involve in Forex trading and the charges of the crime are imprisonment in jail in this country.