The usage of debit or credit cards for online forex trading transaction is prohibited by the RBI. Recently, on Tuesday, the RBI has noticed all banks to close the accounts of those who make use of their account for such transactions. They also stated that if any bank fails to take the necessary steps to close such accounts, the RBI will take immediate action on such banks.
The RBI has noticed transactions made by Indian customers with their bank accounts to make foreign exchange trading with the use of several portals and websites.
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