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Ankit Singh (N/A)     16 August 2013

Inward or outward or both remittance of lotteries banned:rbi

I am learning about the RBI and Foreign Exchange Regulation Act, when I came to know that the remittance to lotteries etc are banned by RBI due to increasing cases of frauds and phishing. This ban applies to the outward remittance(payment for upfront/lottery schemes) or inward remittance(remittance of lottery amount to India) or both? If possible, specify the clause in which it is mentioned in the respective Act.



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