Need suggestion on compounding under FEMA

POSTED BY saurabh.rathor ON November 16, 2013 10:50 am ONE COMMENT

Hello,

I got your email from Slideshare website. I need your valuable suggestion on one issue where my salary account is getting closed due to investment in IForex.com.

Issue – 5 days back I got a letter from my bank CitiBank that my salary account will be closed as per direction from RBI due to foreign exchange trading.

Case  – I open my account in Iforex a year back and deposited money around 120 $  but after training withdrew all money as I was not interested in trading. I never traded through that money.

Please suggest me on following points –

1. For Compounding i just need to send the documents as mentioned in your ppt or some fine too?

2. What if I don’t apply for compounding. only my bank account is closed or some other effects can be there?

Waiting for your valuable reply….

Thanks

One reply on this article “Need suggestion on compounding under FEMA”

  1. ashalanshu says:

    Dear Saurabh, what’s the take of CITI for reopening of existing account or a new one?

    thanks

    Ashal

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