Quote from: bitcoinisbest on June 18, 2017, 05:38:11 AM

Quote from: S_D on June 18, 2017, 05:26:14 AM

-snip-
In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

Well its actually getting complicated to understand what needs to be done. Because enquired with CA too he is still not very clear about bitcoin and what will be the stand by govt. Also regarding FEMA how to treat this btc as a currency or as an asset and will it go under capital gain or source from other income. It actually varies I guess since there is no clear interpretation on this yet.

Indeed, coz no specific circulars/section exist. CA/Lawyers/Financial advisors are trying to make their own interpretation of existing circulars. So, no one could claim a well thought interpretation correct or wrong.