New RBI guidline

Discussion in 'PayPal' started by thegreat23, May 10, 2012.

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  1. #1
    hello buddies, just got an email from ICICI Bank.

    here it is:-



    Dear Customer,

    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.

    Click here to view the RBI circular.



    Sincerely ,
    ICICI Bank Debit Card

    i still don't know what they mean. can anyone please explain?
     
    thegreat23, May 10, 2012 IP
  2. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #2
    Thats why I have been getting messages whenever I create VCC from HDFC Debit Card. But still its working fine. :|
     
    Digital_shubhi, May 10, 2012 IP
  3. thegreat23

    thegreat23 Active Member

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    #3
    so there is no problem uploading funds from my debit card to my entropay VCC.?
     
    thegreat23, May 10, 2012 IP
  4. krishmk

    krishmk Well-Known Member

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    #4
    Dont worry that applies only for "Foreign Exchange Trading". If you dont trade in Stocks using your Debit card dont worry about it. Online purchases should go just fine provided its legal and not for restricted transactions by RBI (for example gambling).
     
    krishmk, May 11, 2012 IP
  5. nihangshah

    nihangshah Prominent Member

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    #5
    Don't worry - it's just circular to avoid using unauthorized sites.

    Point 2 (first para) in the circular explains it clearly.
     
    nihangshah, May 16, 2012 IP