nikhil (-) (23 Points)
30 May 2022Hello,
Lots of Social Media Influencers and Even IPL seems to be promoting Trading apps like OctaFX, Binomo, Olymp etc.
Since they are not regulated by SEBI or RBI....shouldn't it be an offense under FEMA act to gamble on the same?
Then why is it so freely advertised including merging with Indian payment system so freely?
CA. Heet Shah
(Tax Consultant & Practitioner)
(6174 Points)
Replied 30 May 2022
SEBI regulates listing and RBI regulates Monetary and fiscal policy.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6174 Points)
Replied 30 May 2022
Monetary policy includes FEMA.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6174 Points)
Replied 30 May 2022
Few provision of fema specifies transaction with regards to foreign remittances from lottery winning or gambling in India.
So RBI regulated foreign remittances from India through FEMA
CA. Heet Shah
(Tax Consultant & Practitioner)
(6174 Points)
Replied 30 May 2022
It is not offensable under FEMA to gamble in India
CA. Heet Shah
(Tax Consultant & Practitioner)
(6174 Points)
Replied 30 May 2022
It uses and fulfills all the provision of law. In order to carry out such transactions.
nikhil
(-)
(23 Points)
Replied 31 May 2022
Thank you Sir!
So it is safe to assume that it is LEGAL? Also no problem during ITR filing I hope?
EdwardVaughan
(communication)
(22 Points)
Replied 24 April 2023
I do not know about this platform, whether it is legal or not, but I know a great online platform, which is legal anywhere in the world.
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