Important update: Changes in currency trading
We have an important update regarding a circular issued by the RBI on 5 January 2024.
As per the circular, Indian residents are allowed to participate in currency derivative trading on Exchanges only for the purpose of hedging.
Hedging here refers to protecting against potential losses from currency fluctuations that arise from international transactions, which are allowed under the Foreign Exchange Management Act (FEMA) of 1999 and its associated rules. These transactions could be planned for the future or might have already occurred.
For your reference, please refer to the circular here: bit.ly/3U2m2Dx
Following these steps diligently will ensure a smooth process for submitting the declaration and reactivating the Currency Segment on your Upstox account.
Step 1: Log in to the Upstox app using your 6-digit PIN or biometric authentication.
Step 2: Tap on ‘Account’ located at the bottom of the screen.
Step 3: Select ‘My Account’ from the menu options.
Step 4: Choose ‘Profile’ to access your profile settings.
Step 5: Navigate to the option labelled 'Declaration for Currency Segment'.
Step 6: Proceed by clicking on 'Continue' to initiate the submission of the Declaration required for trading in the Currency Derivatives Segment.
Step 7: Click on 'eSign' for Currency Derivatives Reactivation to authenticate your submission electronically.
Step 8: Agree to the ‘Terms of Service’ by checking the designated checkbox.
Step 9: Enter your Aadhaar number or VID (Virtual ID) associated with your account.
Step 10: Input the OTP (One-Time Password) sent to your Aadhaar-registered mobile number for verification purposes.
Step 11: Upon successful verification, your request to submit the Declaration for the Currency Segment will be processed.
Note: Your Currency Segment will become operational within the next 24 hours following the submission of the declaration.