Yes, forex trading is legal in India, but there are strict rules set by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Indian traders can only trade through approved brokers who follow these rules. Also, forex trading is allowed only for certain currency pairs that include the Indian Rupee (INR), such as INR/USD, INR/EUR, INR/GBP, and INR/JPY.
Trading in other currency pairs or using foreign platforms that are not regulated in India is illegal. This can lead to fines or other legal issues. The RBI also limits how much foreign exchange individuals can use for different purposes to keep the market safe. While forex trading can be profitable, it’s important to follow the legal guidelines to avoid trouble and trade safely within the law.
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