Can i trade U.S E-Mini DOW Futures from India?

[lemondew]

Sorry sir pls dont encourage something like this. The person will get notice for money laundering. I know people who have done it and received notice and then you have to do all the thing in the world to prove you havent transferred money and so on.....

Not sure if its good to have the account in your name.... to trade

You can trade from India. But can't transfer money. Suppose there is some money receivable by you from abroad or some NRI friend pays the money on your behalf. Net net, transferring money is prohibited but trading is not prohibited.

 

[SrZnlu32]

Sorry sir pls dont encourage something like this. The person will get notice for money laundering. I know people who have done it and received notice and then you have to do all the thing in the world to prove you havent transferred money and so on.....

I don't get it, Who will get a notice me or my US friend?

 

[lemondew]

If the account is in your friends name then you are safe and not in the picture.
If you have reliable friends then its safe.....Tax on profits will be for him.

As far as I know a friend who has worked in US and saved money and come back to india. He was an NRI. He had an account in US He used to trade US markets from india. He received notice.... That what he told me and asked me to stay away from it.

I don't get it, Who will get a notice me or my US friend?

 

[deba72]

Sorry sir pls dont encourage something like this. The person will get notice for money laundering. I know people who have done it and received notice and then you have to do all the thing in the world to prove you havent transferred money and so on.....

Not sure if its good to have the account in your name.... to trade

It's not called money laundering... Probably you have not gone thru the regulations. Money Laundering is something we call "hawala" and that is absolutely illegal. You can always use your legitimate forex earnings for margin funding purposes.

 

[SrZnlu32]

If the account is in your friends name then you are safe and not in the picture.
If you have reliable friends then its safe.....Tax on profits will be for him.

As far as I know a friend who has worked in US and saved money and come back to india. He was an NRI. He had an account in US He used to trade US markets from india. He received notice.... That what he told me and asked me to stay away from it.

How is this possible, RBI says NRI can trade overseas. RBI is so fcking ******* man.

 

[deba72]

How is this possible, RBI says NRI can trade overseas. RBI is so fcking ******* man.

He can get notice ONLY IF he has transferred fund out of India for margin funding.

 

[SrZnlu32]

It's not called money laundering... Probably you have not gone thru the regulations. Money Laundering is something we call "hawala" and that is absolutely illegal. You can always use your legitimate forex earnings for margin funding purposes.

So if my US friend opens a account for me, and i send him the money afterwards. Is this all safe?

 

[SrZnlu32]

He can get notice ONLY IF he has transferred fund out of India for margin funding.

Ok so my friend stays in US, So there should be no issues right?

 

[lemondew]

Without a US bank account is it possible to get a trading account with US broker like thinkorswim or others. From an indian bank you cant fund US trading account. How can that be done first...

I ll check with him if its due to fund transfer I didnt ask so much in detail....

He can get notice ONLY IF he has transferred fund out of India for margin funding.

So if my US friend opens a account for me, and i send him the money afterwards. Is this all safe?

 

[SrZnlu32]

Without a US bank account is it possible to get a trading account with US broker like thinkorswim or others. From an indian bank you cant fund US trading account. How can that be done first...

I ll check with him if its due to fund transfer I didnt ask so much in detail....

Yes please ask him.
No you can fund with Indian bank to overseas broker, But afterwards they have to be ready for notice and there bank account gets blocked or Credit card if he has used to deposit.