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?


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.

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

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