Kindly read FEMA 1999 Act, Persons who are indulged indirectly and directly in OVER SEAS FOREX TRADING WILL BE HAVE LEGAL PROCEEDINGS. Dear Indian Traders, how u do overseas forex trading in INDIA, is banned by RBI.FEMA 1999 act. U can go to jail with 5 times the earned money as the penalty. .if ur bank transaction caught the money in form forex or the income declared to your bank exceeds then ur in serious trouble with immeidate action of closing ur bank account directed by RBI, and your bank will report ur details to RBI, RBI will further investigate ur transactions and will direct to enforcement cell and cbi for further resolution.