Quote from: sardasa on February 11, 2018, 07:14:22 AM

Quote from: Blackshadow007 on February 11, 2018, 03:09:03 AM

Quote from: deadley on February 10, 2018, 06:19:32 PM

Quote from: sardasa on February 10, 2018, 08:19:59 AM

Received the below communication from ICICI Bank today early morning. Does this mean they will be closing the accounts of everyone involved in bitcoin trading?

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,

Rohit Poddar
Head - Privilege Banking

It's not new, and not related to bitcoin. In FEMA rule you can't use your card directly to any exchange outside India for trading. You are lucky, they are just closing account, otherwise you did broke rules and Police can come to your home.

Good to know about this ..

Well OP did you use credit card or debit card ?

I sold some crypto on Zebpay, coinome and koinex and withdrawn INR to my ICICI Bank account.
Is it breaking any rule?

Well if you declaring all your income properly for Income TAX Return then you shouldn't be worry and i suggest start using Axis / SBI Bank from now on . I do not know about credit card purchases but for debit card i do use a lot for PayPal and many other International crypto platforms and there is never ever any question or mail to me about it . Only thing keep in mind that never ever receive Bank Wire direct to your bank account if not coming from your family member abroad .