ICICI sounds like a mob these days

Sushubh

Administrator
[OP]
Oct 29, 2004
415,652
12,861
Gurugram
Dear Customer,

Greetings from ICICI Bank.

We would like to bring to your notice the below important information on permissible usage of card transactions involving foreign exchange:
• Under the Foreign Exchange Management Act (FEMA), 1999, a resident Indian is permitted to make only those foreign exchange transactions on ICICI Bank Cards or Account that are permissible and remittance in any form towards overseas exchange trading through internet/ electronic trading portals is not permitted.
• Indian residents are therefore prohibited from trading in foreign exchange in domestic and overseas market, including binary option trading with commodities, stocks, indices, bitcoin index and forex etc.
Please make note of the prohibitions on using your ICICI Bank Cards or Account for such unauthorised transactions in contravention to the FEMA and the regulations issued thereunder and that violation(s), if any, would attract action under the extant laws and regulations against such residents.

In case such transactions are noted on your ICICI Bank Cards or Account, we shall be constrained to close your card or account without any liability or responsibility on the part of the bank.

Looking forward to your co-operation in helping us serve you better.

Sincerely,

ICICI Bank Limited
I am guessing this is related to cryptocurrency trading using an account/card with them.
 

webie

Regulars
Aug 21, 2015
318
52
LOL, Kotak showing a similar message on netbanking. Fcuk this bank. If they ever really do mess up with my account, I am gonna close my account, as simple as that. I am gonna keep my official bank acc(for salary) that's it. Apart from that, I will keep airtel bank, paytm bank, none others.

It's better not to keep your funds on these banks which threatens you for crypto purchases. As long as you are not doing money laundering , or illegal activities with your crypto assets , Bank has no right to tell us what to do and what not to do with our own money. Plain and simple.
 
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srij65

New Member
Feb 10, 2018
1
1
I too got this mail and i am having a hard time understanding it. Does "prohibited from trading in foreign exchange in domestic and overseas market" include buying cryptocurrency from an Indian exchange?
 


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