2 thoughts on “Foreign Exchange Regulation Act (FERA)”

  1. Hi,

    I am From Kolkata
    in 2016 i have traded in crypto currency and paid through my HDFC bank credit card.
    I was not aware that i was violating RBI laws.
    After i came to know i closed my positions and requested a refund from iqoptions.
    They refunded the money in the same credit card.
    After few days HDFC Bank send me a letter that i have violated RBI laws and they will close the card after 1 month .
    I was using the fund credited to my credit card but missed using the full amount .
    They closed my card with my credit of 6 lakh ruppes lying with them.
    I have mailed them to return my money but they said it was not possible.
    What should i do ?
    Can u please guide.

  2. S. V. Sonavane.

    I am from Pune. I have sent money to my daughter-in-law in Canada. Due to a miss-match in name, it came back. The amount was 2500 CAD. Both time the bank charged 39000/-as forex tax collection. Total charges 72000/- please guide me is it legal. How can I get that money? I am a regular taxpayer.
    S. V. Sonavane.

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