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Is it illegal to buy foreign exchange without a bill in India? Also, is it illegal to convert foreign exchange to INR through an unauthorized dealer? If yes, which laws are broken?

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This would be in violation of FEMA (Foreign Exchange Management Act). Then depending on specifics it would be bunch of tax law, money laundering etc.

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  • Thanks. Could you be specific on what FEMA says in this regard?
    – hbaromega
    Nov 19, 2019 at 16:57

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