RBI has very severe laws if you trade INR against any other currency without prior permission from RBI. You need to have a forex trading lisence from RBI. If you trade without the permission of RBI, you can be jailed upto 6 months or fined Rs. 10,000.
In order to secure a lisence you need not go to the RBI office. Instead open an account with reputed forex broker. They will get you the lisence and other legal requirements. Good brokers in India are: Reliance Money, Motilal Oswal and Velez Capital. Presently you are only allowed to trade USD/INR that too with very high spreads.
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