Legal Question in Banking Law in India

I am an India citizen. I traded in Forex online with a cyprus based company in 2014 using my credit card . When I learned that it is not permitted in India I stopped. The sum involved was around 5 lac rupees and I lost the entire amount. Is there a chance that this will land me in trouble with the law in India.

Recently I have received a notice regarding my Income Tax Return from IT Department regarding some cash deposits and credit card payments. Do you think they will check my credit card statements (I used my card to trade in forex online) and they will come to know about my forex trading and impose FEMA upon me ?


Asked on 11/04/15, 6:02 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

05.11.2015

Repeat query. Already answered.

Read more
Answered on 11/05/15, 3:42 am


Related Questions & Answers

More Banking Law questions and answers in India