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.
Answered on 11/05/15, 3:42 am
Related Questions & Answers
-
I thank Fca Shri Prashant Chavan for replying to my query. I have one more query... Asked 11/04/15, 5:19 am in India Banking Law
-
I am an India citizen. I traded in Forex online with a cyprus based company in 2014... Asked 11/04/15, 5:01 am in India Banking Law
-
Hi Sir, We have bought a house in the name of my sister and also taken a home... Asked 11/04/15, 12:14 am in India Banking Law
-
Sir, i taken personnel loan and i am paying every month installment but 3 emi due... Asked 10/31/15, 12:32 am in India Banking Law
-
By mistake i as a bank officer have transferred money to a wrong account, but that... Asked 10/29/15, 11:07 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
