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Trading Futures and forex in USA stock market is it against FEMA?
19-Dec-2023 (In Corporate Law)
Hi, I am interested in doing futures and forex trading in USA market. I was going on the internet and some one wrote that it is violation of FEMA. Is it true? If it is true, what kind of punishment or penalty will be for that. Will it be a fine or a criminal proceeding can take place?
You have to take permission of RBI for dealing in Foreign Exchange beyond the limit specified by FEMA. The Punishment under FEMA for violation is 3 times penalty of the amount involved in transaction if amount is ascertainable. If amount is not ascertainable maximum penalty can be Rs Two Lacs. If penalty is not paid within 90 days the person may get civil imprisonment. The adjudicating officer can consficate currency, security, property in addition to penalty. In case contravention is continuing one penalty of Rs 5000/- per day till contravention continues may be levied
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Adv. Aniruddha Prabhatkumar Pawse
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