Which currency trading is allowed in India?
Moreover, currency trading is only allowed in 7 pairs, namely: USD/INR, EUR/INR, JPY/INR, GBP/INR, EUR/USD, GBP/USD, and USD/JPY. Forex trading is facilitated on 3 exchanges in India, namely the NSE, BSE, and the Metropolitan Stock Exchange of India Ltd and is regulated jointly by both SEBI and RBI.
Why OctaFX is legal in India?
The OctaFX app and its website have not been authorized by the RBI to deal in forex trading. The conduct and operations of forex trading(not being conducted on a recognized stock exchange) is illegal and also violates FEMA regulations.
What is punishment for forex trading in India?
If someone is found trading Forex instruments on the forex market by the Reserve Bank of India's representatives, he/she is immediately charged with violation of the law. Hence it is legally a crime to involve in Forex trading and the charges of the crime are imprisonment in a jail in this country.