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Forex market in India is governed by the Foreign Exchange Management Act (FEMA), adopted in 2000 and latter revised as part of a broader effort by the Indian government to liberalize the economy and to facilitate the remittance of funds both in and out of India.
Officially forex trading in India is restricted to certain currency futures, which are paired against the Indian Rupee and a few cross currencies. Only USDINR, YENINR, GBPINR, EURINR, EURUSD, GBPUSD, USDJPY futures are available for trading.
Also, under the current regulations currency options are availed to investors with the USDINR pair only.
Spot forex trading is considered illegal under the FEMA. We should also note that FX trade is allowed only through brokers, registered with authorized Indian exchanges such as the National Stock Exchange (NSE), the Metropolitan Stock Exchange of India (MSE) and the Bombay Stock Exchange (BSE).
And yet, international brokers and traders in India have found ways to circumvent those restrictions. Although the Reserve Bank of India had ordered all commercial banks in India to close the accounts of customers, using credit or debit card for illegal online forex trading transactions, many traders manage to go around that ban, using e-wallets.
Basically, all transactions to international forex brokers are done via e-wallets like Neteller or Skrill, which are funded with credit cards or bank accounts with Indian banks.
Forex news from India
UK-regulated forex and contracts for difference (CFDs) broker TradeNext said on Wednesday it has set up a subsidiary brokerage in India, TradeNext