India’s central bank has decided to set up a special panel to review current forex regulations for inward and outward transactions from India.
Margin Forex traders were hit hard when RBI made clear statements about the eligibility of Forex as an investment product in February 2011 and later outlawed credit card payments for FX trading. it clearly stated that individuals cannot trade with online foreign brokers.
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Indian residents used to send funds to international brokers via the banking system under the liberalised remittance scheme.
RBI’s move could show positive signs for FX traders as there maybe limits set for foreign transactions.