SAFEMA Tribunal: Online Forex Trading Through Overseas Portal Violates FEMA; Penalty Reduced Considering Losses

Beeravelli Ranjith Kumar Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal under SAFEMA partly allowed the appeal filed by Beeravelli Ranjith Kumar against the penalty imposed under the Foreign Exchange Management Act (FEMA) for engaging in unauthorized online foreign exchange trading. The case involved transactions carried out by the appellant between 2011 and 2018 on the “Easy Market” online forex trading platform, where he used credit and debit cards linked to his HDFC Bank account to remit funds abroad for trading in foreign exchange derivatives. The tota...