Thanks for your input, the A2 form on the website must have been updated as it doesnt match the one given to me by the bank. Annoyingly enough they have no ( Other remittences) and (Other Transfer) categories and S0610 is "Premium for Pension Funds" in this form. Well there's got to be a category for investing in new currencies as its not illegal.
Can you tell what options are in your form? and no i think they don't allow money remittance to buy other currencies ie exchange that's why Indians can't send money via western union.
Ps:
7) Can I remit funds for acquisition of shares in a company abroad?
A resident individual may make a remittance under the Liberalized Remittance Scheme for resident individuals upto USD 200,000 (for details refer to Q.12 below) for acquisition of shares (of listed companies or otherwise) or debt instruments in a company abroad.
In addition to the above , as per relevant guidelines, a person resident in India:
May purchase a foreign security out of the funds held in RFC account maintained in accordance with Foreign Exchange Management (Foreign Currency accounts by Person Resident in India) Regulations, 2000;
May acquire bonus shares on the foreign securities held in accordance with the provisions of the FEMA or rules or regulations made there under;
When not permanently resident in India, may purchase a foreign security from out of his foreign currency resources outside India;
11) What are the purposes for which remittance can be made under the Liberalised Remittance Scheme of USD 200,000?
This facility is available for making remittances for any permissible current or capital account transactions or combination of both. Under this facility, resident individuals can freely acquire and hold immovable property, shares or any other asset outside India without prior approval of Reserve Bank of India. It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000. It is also not permtted for remittance being made directly or indirectly to Nepal, Bhutan, Mauritius or Bhutan or to any country identified as a non-co-operative country by the Financial Action Task Force (
http://www.fatf-gafi.org). Further,
remittance for any payments in the nature of margin calls including for trading in foreign exchange are not permitted.
