ICICI Bank closing accounts involved in bitcoin trading?

legendster

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Quote from: venkateshbk9535 on February 19, 2018, 08:17:14 AM

i am also feeling sad about this news. first this will happen in kotak again in ICICI Bank. so what will happen in the next step. i have doing transactions with ICICI Bank itself.

Did you miss the part where we've been saying that this is nothing new? Or did you even read the responses at all?

venkateshbk9535

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i am also feeling sad about this news. first this will happen in kotak again in ICICI Bank. so what will happen in the next step. i have doing transactions with ICICI Bank itself.

legendster

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Quote from: Johny8469 on February 16, 2018, 09:41:02 AM

B2 is useless piece of crap. You can only transfer 25k INR through it.
Edit: it's not available anymore for new customers.

Which is what makes it the absolute best type of account for newbie traders. I personally never encountered the cap because I never let my individual transaction volume exceed 20k.

PS: You can get new B2 accounts by filling out the form in the branch. The city has to support b2 banking though.

ziyush

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Crypto Lovers

I Am dealing with ICICI bank form long time and all altcoin and bitcoin is purchased from icici bank account only they never blocked my account
there may be some other reason

sarojan9980

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My Identity Coin

again bad news first from kotak now from ICICI bank. they are asking to give money transaction details. it is difficult to provide. why they are asking all details about transactions.

Johny8469

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Quote from: RocketSingh

Can u provide some authentic link to substantiate your claim?

Here you go, https://www.hdfcbank.com/assets/popuppages/forex_rbi_guidelines.htm

Swift transaction is illegal on at least three individual points.
2. IV) altered your assets which is not allowed
2 VI) transferred amount to account which doesn't belong to your close relative. Beneficiaries accounts last name should be same with sender's account last name. This has only one exception if you are going outside for education then you can transfer to your own account name.
2 VIII) bought Bitcoin or such virtual currency.

Government has a really simple option to get a list of all illegal international transactions done till now all they have to do is cross check sender's last name with beneficiaries last name. if they are not same most of these transactions become illegal then and there. Government hasn't done it till now that does not mean they will never do it in future.

Blackshadow007

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Quote from: RocketSingh on February 16, 2018, 12:56:41 PM

Quote from: Blackshadow007 on February 16, 2018, 11:58:42 AM

Quote from: legendster on February 16, 2018, 07:16:01 AM

Quote from: Blackshadow007 on February 10, 2018, 06:42:33 AM

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

How to send money to a Moneypolo account from an Indian bank and how to receive back from it? Is it any different from sending to and receiving from a Japanese Bitcoin Exchange?

Register with them and make yourself verified level 2 and you can use freely . Simply upload funds via your card 4.17% cost plus exchange rate from INR to EUR / USD cost approx 4% then transfer SEPA to any exchange accept EUR . This way you are not depositing to Direct crypto exchanges and besides you will get VISA Physical card from Moneypolo for your cash withdrawals which limit 2000$ per day and which good addition too . Also you can use withdrawals via Cash method via Muthoot Finance , Manapuram Money transfer which affiliated with Moneypolo .

SixOfFive

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Using Debit or Credit card for purchasing crypto-currency from any exchange outside INDIA is a violation to FEMA act,1999. This is a bank policy from quite long time and crypto has nothing to do with it. So if you want to purchase BTC, you should use Indian exchanges like Zebpay, Unocoin etc.

RocketSingh

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Quote from: Blackshadow007 on February 16, 2018, 11:58:42 AM

Quote from: legendster on February 16, 2018, 07:16:01 AM

Quote from: Blackshadow007 on February 10, 2018, 06:42:33 AM

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

How to send money to a Moneypolo account from an Indian bank and how to receive back from it? Is it any different from sending to and receiving from a Japanese Bitcoin Exchange?

Blackshadow007

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Activity: 787

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Currency Xchanger™

Quote from: legendster on February 16, 2018, 07:16:01 AM

Quote from: Blackshadow007 on February 10, 2018, 06:42:33 AM

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

RocketSingh

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Quote from: Johny8469 on February 16, 2018, 09:41:02 AM

Quote from: RocketSingh on February 16, 2018, 06:07:15 AM

Quote from: deadley on February 10, 2018, 01:19:32 PM

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.

Do u mean sending money to fully compliant Japanese exchanges from India and receiving from them using SWIFT code is illegal?

Yes. Totally. Many banks have written it in fine print.

Can u provide some authentic link to substantiate your claim?

Johny8469

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Quote from: RocketSingh on February 16, 2018, 06:07:15 AM

Quote from: deadley on February 10, 2018, 01:19:32 PM

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.

Do u mean sending money to fully compliant Japanese exchanges from India and receiving from them using SWIFT code is illegal?

Yes. Totally. Many banks have written it in fine print.

Quote from: legendster on February 16, 2018, 07:16:01 AM

Quote from: Blackshadow007 on February 10, 2018, 06:42:33 AM

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

B2 is useless piece of crap. You can only transfer 25k INR through it.
Edit: it's not available anymore for new customers.

legendster

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Activity: 1778

Merit: 764

www.V.systems

Quote from: Blackshadow007 on February 10, 2018, 06:42:33 AM

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

RocketSingh

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Quote from: deadley on February 10, 2018, 01:19:32 PM

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.

Do u mean sending money to fully compliant Japanese exchanges from India and receiving from them using SWIFT code is illegal?

Johny8469

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Quote from: rupesh2 on February 14, 2018, 12:57:41 PM

on cryptocurrency , neither FEMA mentioned anything nor IT act , govt should clear its stand .

It's not on FEMA original paper but on banks website showing FEMA rules, banks mention you can't buy crypto. Banks may have invented their own FEMA rules.

Blackshadow007

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Quote from: Guvn0r on February 14, 2018, 03:46:53 PM

Buying BTC from exchanges other than the ones established in India is a bad idea, as far an Indian citizen is concerned. It is the same with trading forex with foreign brokers - there are strict Foreign exchange rules regarding this - my suggestion would be to respect them and never take them lightly.

I don't think any bank will close your account for buying BTC from Indian exchanges like coinsecure,unocoin etc..people have been buying for years now.

Well also in addition buying crypto with Credit card is most bad idea , cause you would be using Bank's funds for it and Bank has complete right to stop you to do that . Never got any message or notice from bank for my usage on international .

Guvn0r

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Buying BTC from exchanges other than the ones established in India is a bad idea, as far an Indian citizen is concerned. It is the same with trading forex with foreign brokers - there are strict Foreign exchange rules regarding this - my suggestion would be to respect them and never take them lightly.

I don't think any bank will close your account for buying BTC from Indian exchanges like coinsecure,unocoin etc..people have been buying for years now.

rupesh2

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on cryptocurrency , neither FEMA mentioned anything nor IT act , govt should clear its stand .

Johny8469

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Quote from: bitcoindian on February 13, 2018, 04:47:52 AM

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/N20RB29574DA17294D5C93E4951B2FC86666.PDF FEMA ACT revised again in Nov 2017 all sections about the act is available

Does it mention anything about crypto? I couldn't find any.

bitcoindian

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https://rbidocs.rbi.org.in/rdocs/notification/PDFs/N20RB29574DA17294D5C93E4951B2FC86666.PDF FEMA ACT revised again in Nov 2017 all sections about the act is available

Topic: ICICI Bank closing accounts involved in bitcoin trading? (Read 305 times)