Have used an HDFC Bank CC along with Standard Chartered for two separate transactions. The transaction went through with both these bank cards. I also hold a Citi Bank card and did not transact any amount on that card and still received an email informing me about FEMA violation if I use my credit card to buy Bitcoin in an overseas exchange !! After that mail I am unsure whether to transact on a foreign exchange or is it not worth the risk . If anyone else has any clarity on the legal status of transactions of this nature, please do share . Thanks.