Hello,
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?
SEBI regulates listing and RBI regulates Monetary and fiscal policy.
Monetary policy includes FEMA.
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
It is not offensable under FEMA to gamble in India
It uses and fulfills all the provision of law. In order to carry out such transactions.
Thank you Sir!
So it is safe to assume that it is LEGAL? Also no problem during ITR filing I hope?
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.
CAclubindia
