That all depends on the broker and the specific financial pairs involved. However, please be advised that it is ILLEGAL for individuals to trade Forex in India. It is the RBI which is charged in making and enforcing those regulations, including potential criminal prosecutions.
Individuals are strictly forbidden from electronic and internet based foreign exchange trading. The reason being it brings high returns to them but at high charges-the imprisonment charges. The individual traders at India have also been warned by the RBI against the online trading portals which offer these alluring outcomes of high gains but do not reveal to the traders that they are trapping themselves in an illegal activity considered by their state.
An additional finding revealed by the RBI was that the public was asked to pay these marginal payments for the trading transactions through their bank account deposits or debit cards. And then the accounts to which the money was being paid were of the same agent but they were opened in many different banks. Therefore the RBI issued a special instruction to the commercial banks of the country to be very careful in sorting out such accounts.
RBI clarified that if any such person is caught, then strict action would be taken against him/her under the FEMA, 1999, contraventions. In addition he/she would also be considered liable for violations of the KYC policy and money laundering standards. And all the transactions which have been declared non-permissible under FEMA are also not allowed. These transactions also include any transactions related to foreign currency, remittances marginal trading or exchanges.
Any resident Indian collecting or remitting such payments outside India is liable to be proceeded against with, for contravention of FEMA and violation of regulations relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards.
http://www.marketcalls.in/forex/forex-tr...
http://archive.indianexpress.com/news/rb...
http://forexmagnates.com/reserve-bank-of...
