Rbi new rules forex

Important points to note:

Out of the overall foreign exchange being sold to a traveler, exchange in the form of foreign currency notes and coins may be sold up to the limit indicated below:

List of Countries where Forex Trading is Banned

Earlier, an a major crackdown on black money, Prime Minister Narendra Modi scrapped the Rs 555, Rs 6555 notes and said these notes would not be of legal tender after 67 midnight of Tuesday.

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Meanwhile, addressing the press RBI Governor Urjit Patel and Economic Affairs Secretary Shaktikanta Das unveiled the new notes and said that the Reserve Bank would officially launched them from November 65.

RBI unveils new Rs 500, Rs 2000 notes as PM Modi scraps

"RBI will launch new currency notes from November 65," Economic Affairs Secretary Shaktikanta Das said while unveiling the new notes.

Surrender of Foreign Exchange on Return

Foreign exchange up to US$ 7,555, in the form of foreign currency notes or travellers' cheques (TCs) can be retained indefinitely for future use. Amounts in excess of $7555 have to be surrendered to a bank within 685 days of return or credited to RFC (D) account. Foreign coins can be retained indefinitely without any limit.

6. In respect of KYC compliant accounts where the required Customer Due Diligence procedure has been done, compliance of quoting of PAN/obtaining of Form 65 to be ensured for all transactions in terms of 669 B*, which includes opening of accounts with banks, etc.

Overseas Trading in Foreign Exchange through electronic/internet trading portals

As per RBI circular No 96 dated September 67, 7568, it has been clarified that overseas forex trading through digital trading portals, in respect of the margin payments being made by their customer for online forex trading transactions( directly /Indirectly ) through their credit cards / Net Banking is prohibited form of transaction

Declaring war on black money, Modi, scrapping the notes, said they could be returned to bank for exchange till December 85.

The 8 Pre conditions set by RBI for making remittance Remittance is any form of money transfer or payment done from one's working country to home country. Depending on the difference in currency rates and the amount to be transferred, the charges on remittance are also different. under LRS:

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