September 17th, 2013 - Banning Circular By RBI On Online Forex Trading in India for Individuals

Dear folks, recently I got a registered courier from my bank on Saturday the 5th of 2013 clearly addressed to me that the bank regularly monitors all the credit cards and online banking transactions and on one such instance, it had observed online foreign exchange transactions from my card.
The bank stated that under the purview of FEMA (Foreign Exchange Management Act), the intended to bring to my notice the following instructions as issued by the Reserve Bank of India vide its circular dated September 17, 2013.
1. Remittance in any form towards overseas foreign exchange trading (including through electronic / internet trading portals or by use of credit / debit cards) is strictly prohibited and accordingly, the customers are cautioned not to remit or deposit money or utilize credit / debit card for such transactions.
2. Further, any person resident in India collecting and effecting/remitting such payments directly/indirectly outside India would make himself/herself liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms/Anti Money Laundering (AML) standards.
3. Banks are required to report such prohibited overseas foreign exchange trading transactions on credit / debit cards to the Reserve Bank of India.
In consideration to the above points, it is the best to refrain from doing any online spot forex trading transactions directly / indirectly via Debit / Credit Cards, online bank transactions or through other persons. If you have made a large cash or if you’re worried to withdraw your just deposited money, it is not possible to get back because if you get any remittances from forex trading to your bank accounts or cards, your bank account / cards will be blocked. So, don’t try to get back the money to you banks or cards.