India’s RBI warns banks to crack down on offshore retail forex traders
Is Forex Trading Halal explained by professional Forex trading experts the “ForexSQ” FX trading team.
Is Forex Trading Halal or Haram?
Local banks asked to close credit card or bank accounts of customers who deposit to foreign retail FX brokers.
LeapRate has learned that India’s central bank the Reserve Bank of India (or ‘RBI’) has sent a circular to banks and credit card issuers throughout the country, demanding that they crack down on Indian nationals who trade forex with ‘offshore’ retail forex brokers.
According to Reuters, the RBI has instructed banks to advise customers not to undertake forex trading on foreign websites, and to monitor those who deposit money with such brokers via credit card and online money transfer mechanisms. The RBI has asked the banks to close the credit card or online bank account of a customer that is found to be in violation of the rule, by depositing money to such offshore brokers.
Is Forex Trading Halal or Haram Conclusion
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