The Reserve Bank of India RBI has cautioned Indian investors and banks against illegal overseas foreign exchange trading through internet and electronic trading portals which offer "guaranteed high returns".

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Banks are advised to exercise due caution and be extra vigilant in respect of such transactions, the RBI warned. The RBI clarified that "a person resident in India may enter into currency futures or currency options on a stock exchange recognized under section 4 of the Securities Contract Regulation Act,to hedge an exposure to risk or otherwise, subject to such terms and conditions as may be set forth in the directions issued by the RBI from time to time".

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