• compounding of contravention

Respected Sir/Madam, 

My name is Kunal Bhattacharjee and holding a Salary account with Citibank (Account no: [deleted]) from last ten years. On Nov 7th I received letter from Citibank saying they forced to close by account since transaction noted in my account is appearing to be in the nature of overseas foreign exchange trading. This happened because I made few payments to WWW IFOREX COM in the month of March. 

When I came to know that money for forex trading abroad or change INR to USD and trade with that money with abroad or overseas brokers is not allow trading was stopped immediately from my end without asking for any refund from IFOREX. Since I am not aware of the regulation it was happened unintentionally. 

Bank now ask me bring compounding of contravention certificate from RBI unless they will not open new salary account. Please let me know if one know about the law and how to get this certificate. Any help much appreciate. 

Thanks 
Kunal