Receive Cash through wire transfer

A.Dear Client,
Forex and currency trading in India is legal but failure to adhere to authorised brokers or permitted currency pairs is a penal offence under FEMA. If you are interested in online forex trading in order to make your portfolio a diverse one. make sure you check the broker's credentials. The Foreign Exchange Management Act, 1999 (FEMA Act) gives powers to the Central Government to regulate the flow of payments to and from a person situated outside the country. All financial transactions concerning foreign securities or exchanges cannot be carried out without the approval of FEMA. Each inward remittance must be accompanied by a Foreign Inward Remittance Certificate (FIRC), issued by the recipient's bank. The FIRC contains information such as the sender and recipient's names and account numbers, the purpose of the transfer, and the exchange rate used in the transaction, among others. Forex trading can be a legitimate and profitable form of investment, but it is important to be aware of the potential for scams. Section 13 in The Foreign Exchange Management Act, 1999 deals with the penalties for contravention of the provision of the Act. As per Sec.13(!) of the Act, If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in the exercise of the powers under this Act, or contravenes any condition subject to which the Reserve Bank issues an authorization, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and where such contravention is a continuing one, a further penalty which may extend to five thousand rupees for every day after the first day during which the contravention continues. By being vigilant and taking the necessary precautions, you can protect yourself from falling victim to a forex scam. Recovering your funds from a forex scam can be a challenging and lengthy process. It is best to consult with a lawyer who has experience in investment fraud cases. You can contact our firm for the same.