Legality of Spot Forex Trading In International Currency Pairs In India

I want to know is it legal as of 2017 in India to do spot forex trading in international currency pairs like EUR/USD,
USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD, GBP/JPY, EUR/JPY, GBP/CHF etc via offshore brokers located in countries like Cyprus, Belize, USA, Mauritius, UAE, UK, Japan, Australia etc via reputed brokers like FXTM,FXCM,ALPARI, NORD FX, FXPRO,FOREX.COM,AVA TRADE etc and many more. All of them allow fund transfer through online portals like SKRILL, NETELLER etc. via credit,debit and bank transfers or else they have some agents in India to whom we can do local fund transfer and God knows how funds get transferred to overseas forex accounts to most MT4 or MT5 trading terminals but it does happen successfully and openly.
Some say it was legal before but nowadays there are restrictions or it is completely illegal. Lot of confusion is there. If its illegal in India then how is it openly marketed in even reputed indian sites like!! Really I have seen ads of iForex! and many other brokers in their reputed site.
Please give me a 100% clarity on legality of spot forex trading in international currency pairs in India and I am not talking about the Indian ones like USDINR, EURINR or JPYINR etc.
If it is illegal then can you throw some light how this is happening successfully and openly in India? Please give me your insights after doing some detail research. Please throw some light on this issue!

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It is commpletely illegal. Check this post which also has a link to the RBI circular.

The ads are placed by advertisers on Moneycontrol through Ad-exchanges. Moneycontrol isn’t advertising but just letting others run ads on its site. But yeah, nobody seems to be to be regulating this.

There are certain global funds which are taking deposits from us and providing software and letting us trade in global currencies.Now I understand that this not permissible be SEBI and they are taking an indirect route to do this business.Any views on this.

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