250 mini lots is it possible?

[mailmeram]

Re: withdrawing from moneybookers?

FIRC is required mostly for export related business.

 

[Piratetrader]

Re: withdrawing from moneybookers?

There are no restrictions on receiving inward remittances from abroad through the normal banking channel.If the value of remittance exceeds Rs 1 lakh,the purpose of the remittance should be advised by the beneficiary(you) to the authorised dealer(bank) through whom the remittance is received.
If the remittance is through cheque /draft or any other medium then only you need FIRC.There are so many NRI's sending money to their family here thru bank transfer.
In a nutshell try to keep the remittance below 1 lakh (2200$) at one time,there wont be any problem

so you mean to say if one earns 5000$ per moth from fx can he like send payment 1000$ 5 times in a month?? like per transcation

 

[eToro Team]

Re: anyone trading with etoro? please reply

Dear saiftauheed,

Since you already have an eToro account, the easiest way to get opinions about eToro is to go to our public chats and to simply ask our traders abot us!

Don't forget that our support team is also standing by to answer your questions 24/7.

We wish you happy trading,
Laura, eToro Team

 

[fxmaniac]

Re: withdrawing from moneybookers?

so you mean to say if one earns 5000$ per moth from fx can he like send payment 1000$ 5 times in a month?? like per transcation

You can withdraw upto 200000$ in a year as per the Liberalised remittance scheme.But if enforcement directorate,by any chance, comes to your house ,you will have to show some documentary proof.Bank doesn't have the authority to question your earnings.Only ED have the right to question your earnings and taxman-in the event of a tax default,.The 1 lakh is not a celing for inward remittance .Above the limit, source may be questioned as the whole idea is to stay away from the scanner.And 1 lakh is not 1000$.It is 2200 $.Please pay attention to what is written rather than making one repeat..

By the way,to be concerned so much about the withdrawl limit,makes me ask, are you earning 5000$ in a month?..

 

[Piratetrader]

Re: withdrawing from moneybookers?

You can withdraw upto 200000$ in a year as per the Liberalised remittance scheme.But if enforcement directorate,by any chance, comes to your house ,you will have to show some documentary proof.Bank doesn't have the authority to question your earnings.Only ED have the right to question your earnings and taxman-in the event of a tax default,.The 1 lakh is not a celing for inward remittance .Above the limit, source may be questioned as the whole idea is to stay away from the scanner.And 1 lakh is not 1000$.It is 2200 $.Please pay attention to what is written rather than making one repeat..

By the way,to be concerned so much about the withdrawl limit,makes me ask, are you earning 5000$ in a month?..

NO SIR, I AM NOT EARNING 5000$ PER MONTH BUT I AM VERY MUCH AFRAID BECAUSE I AM DOING FX TRADING WHICH IS CONSIDERED ILLEGAL by THE RESERVE BANK OF INDIA, AND IN THE RBI NOTE IT IS WRITTEN THAT " Any resident Indian collecting or remitting such payments outside India is liable to be proceeded against with, for contravention of FEMA and violation of regulations relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards, the circular added."

AS YOU HAVE SAID WE CAN WITHDRAW UPTO 95 LAKHS PER YEAR , SO THAT IS NOT A PROBLEM BECAUSE MY INCOME IS NOT 9 LAKHS EVERYMONTH, and not any where near that ! i am just afraid that if incase any ones questions what should i say? the safest thing to get away with it?

 

[fxmaniac]

Re: withdrawing from moneybookers?

NO SIR, I AM NOT EARNING 5000$ PER MONTH BUT I AM VERY MUCH AFRAID BECAUSE I AM DOING FX TRADING WHICH IS CONSIDERED ILLEGAL by THE RESERVE BANK OF INDIA, AND IN THE RBI NOTE IT IS WRITTEN THAT " Any resident Indian collecting or remitting such payments outside India is liable to be proceeded against with, for contravention of FEMA and violation of regulations relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards, the circular added."

AS YOU HAVE SAID WE CAN WITHDRAW UPTO 95 LAKHS PER YEAR , SO THAT IS NOT A PROBLEM BECAUSE MY INCOME IS NOT 9 LAKHS EVERYMONTH, and not any where near that ! i am just afraid that if incase any ones questions what should i say? the safest thing to get away with it?

The safest thing to say is that the earnings are from investments in futures and options..

 

[buccas13]

Re: withdrawing from moneybookers?

Dear Saif,

what on earth made you think USD 5000 is a big amount for a bank or RBI. It is big for you and me not for them. Nobody gives importance to such pity small amounts. Everyday thousands of remittances happens and single transactions worth 100,000 /1,000,000 are quite common.

You can tell them you are a freelancer and you do projects for which you are paid in Foreign currency.

 

[Piratetrader]

how to fund money to netller or moneybooker via wire transfer?

how di i wire transfer fund to moneybookers or neteller? i have heard a lot of problems regarding wire transfer to them. i have a bank account with icici. i would like to depsoit 250$ to netller or moneybooker to fund for forex. now i dont have a credit card and i dont want it either. i have a visa debit card. i would like to know if any one faced problem wire transfer to them.

 

[Roshan Kamat]

Re: how to fund money to netller or moneybooker via wire transfer?

how di i wire transfer fund to moneybookers or neteller? i have heard a lot of problems regarding wire transfer to them. i have a bank account with icici. i would like to depsoit 250$ to netller or moneybooker to fund for forex. now i dont have a credit card and i dont want it either. i have a visa debit card. i would like to know if any one faced problem wire transfer to them.

You can visit various bank websites for guidance. I am sure they will have some good provisions to guide you for better service.

 

[Piratetrader]

i won 250$ on etoro weekly challenge and now they say i have to deposit 250$ in order to claim the prize. after i deposited.. i got 250$ more so my total capital became 500$, now wen i went to withdraw 500$ they said in order to withdraw 250$ of prize money i would have to trade 250 mini lots, now with how am i gonna make it to 250 mini lots with leverage of 100 i would have to trade with 250$ 100 times would you beleive that?