RBI/FEMA Compliance
Important: Foreign exchange, forex card, and outward remittance transactions in India are regulated under the Foreign Exchange Management Act, 1999 (FEMA), Reserve Bank of India (RBI) directions, Prevention of Money Laundering Act/KYC requirements, and applicable tax laws.
Kapnox Forex Private Limited is an RBI-authorised licence holder for eligible foreign exchange services. All eligible transactions initiated through KapnoxForex.com are based on and executed by Kapnox Forex Private Limited, subject to RBI/FEMA directions, KYC/AML checks, tax requirements, document verification, payment verification, rate confirmation, and internal compliance approval.
RBI Authorisation and Execution
| Operating entity | Kapnox Forex Pvt. Ltd. / KapnoxForex.com |
|---|---|
| RBI authorisation category | Full Fledged Money Changer (FFMC). |
| RBI licence / authorisation number | To be updated from the RBI licence / authorisation record. |
| Transaction execution | Transactions are executed by Kapnox Forex Private Limited as the RBI-authorised licence holder, unless a specific transaction document states otherwise. |
| Current public website status | Operational website of Kapnox Forex Private Limited, subject to completion of KYC, FEMA/LRS eligibility, tax, payment, document, rate, and compliance checks for each transaction. |
Customer Eligibility and KYC
- Users must provide accurate identity, contact, address, PAN, passenger, travel, purpose, and payment details as applicable.
- Transactions are subject to KYC/OVD verification, document review, and screening as required by RBI KYC directions and internal AML controls.
- For LRS transactions, PAN is mandatory and the transaction must be linked to the eligible resident individual.
- Additional documents may be required based on transaction type, purpose, passenger/sender/receiver profile, destination, forex card requirement, or Kapnox Forex Private Limited policy.
LRS and FEMA Controls
- Resident individual transactions under the Liberalised Remittance Scheme (LRS) are subject to the prescribed annual limit and permitted current-account purposes.
- Transactions for prohibited purposes, including lottery, gambling/racing, banned or restricted items, margin trading, or any purpose not permitted by FEMA/RBI, are not allowed.
- KapnoxForex.com may reject, cancel, hold, or request additional documents for any order that appears inconsistent with FEMA, RBI directions, KYC/AML rules, tax law, Kapnox Forex Private Limited policy, or internal risk controls.
Taxes and Charges
- GST, TCS, service charges, bank charges, card charges, and other applicable deductions may apply depending on transaction type and purpose.
- TCS for LRS/overseas tour package transactions is calculated as per applicable Income Tax Act provisions and current government notifications.
- Displayed rates and totals may be indicative until final confirmation by the Kapnox Forex Private Limited branch/admin.
Payment and Fulfilment
- Payments must come from verified customer-owned accounts or other permitted sources accepted by Kapnox Forex Private Limited.
- Cash handling, if any, is subject to RBI/FEMA/KYC limits, tax law, branch policy, and Kapnox Forex Private Limited controls.
- An order is not final until payment, documents, compliance checks, rate availability, and Kapnox Forex Private Limited compliance approval are complete.
Customer Undertaking
By using KapnoxForex.com, the customer confirms that all submitted information and documents are true, the transaction is for a lawful permitted purpose, the funds are from legitimate sources, the customer is not acting on behalf of an undisclosed third party, and the transaction does not breach FEMA, RBI directions, KYC/AML requirements, tax law, or any applicable sanctions/restrictions.