FOREX

India has a foreign currency exchange policy even though many liberalization measures have been taken recently, it's still an economically isolated, or highly protected country. Indian currency - rupee, is highly regulated by the national banking authority - Reserve Bank of India, and so Indian citizens still cannot freely exchange rupeeto other currencies, they have to prove their need and there are annual limits for different needs . Even popular money transfer systems such as Western Union - which is spread worldwide and available to everyone, are forbidden in India - residents can only receive money, but not send.