Legality of Forex Trading in India

[nac]

So far I have not heard back anything and I think I need to file another RTI application to check the status of the earlier application.

:lol::lol:

I don't think they will give a clear or concrete response to your filing. They will say something which many of us can't identify anything in it(I would have comment this in my mother tongue but many of you guys can't understand). We can't even conclude or judge their sayings. Let see, its been month...

 

[preetksgill]

why is it called for ex ?? why do i need to do anything for my ex ?? ...... LOL

 

[Best of Luck]

Find Vikas ,
Please clarify :
1.I think when FEMA replaced FERA the penal provisions for violation has been changed from Imprisonment to just Fines .Am I correct ?
2.If we open a US Stock Investing account with Icici or ManFinancial and out of the profits ( ok.ok.let us hope there will be profits ) can we open a Bank account Abroad and trade FOREX ?
3.When we trade Forex and for the profits earned( again if there is any ) what will be the tax rate in India if we bring it back ? under what heads it is taxable ?
Thanks
Best of Luck.

 

[preetksgill]

hi Im new to forex -1st started trading forex then came to know abt controvery abt forex,just withdrawn once from forex trading a/c- although my study of RBI guidelines says its legal- so dont want to get in disscussions that its legal or not just want to know any one here withdrawing $from his forex trading a/c regularly from more then 1year??

good question

 

[desifxtrader]

hi Im new to forex -1st started trading forex then came to know abt controvery abt forex,just withdrawn once from forex trading a/c- although my study of RBI guidelines says its legal- so dont want to get in disscussions that its legal or not just want to know any one here withdrawing $from his forex trading a/c regularly from more then 1year??

http://www.traderji.com/forex/26078-forex-trading-india-legal-here-rbi-circular.html#post425991

 

[pmg123]

Hi Friends, Here are my views:

a. I have seen lot of members 1. Showing concern how if it is not legal RBI has allowed Alpari to function 2. also few members taking comfort in the fact that since Alpari is allowed to set up business in India, there should be no issues and Fx trading is legal.

I want to address both these two issues as follows:

First and foremost Alpari functioning here in India has nothing to do with RBI either allowing / disallowing Fx trading for resident Indians.

Like so many Multi national company's have set up outsourced call center facility here in India to due to benefits of lower / cheap English speaking manpower availability here.

Now this is how Alpari would defend ( i am playing devil's advocate for Alpari) their case stating Alpari India is basically set up to service their overall international customers, if any Indian calls up and shows interest in their services it is not their mistake, this is exactly the reason why ideally they don't have anything to with any Indian customers on any Alpari Indian letter head, what they would do is they divert all the potential customers to open the account with Alpari UK, now it becomes the responsibility of that person to handle the issues related with the same and Alpari (I) would be present no where in the picture.

Hope concerned members are getting an idea. hence for heaven sake don't take comfort in the fact that OK Indian Govt / RBI has allowed Alpari to operate in India and hence Fx trading is Legal, there is nothing more farther from the fact.

Also for your information in addition to having their facility to service international customers and act more like a back office operation they have also ventured out and taken permission /license from Govt /RBI to start trading in Indian currency products like; INR/USD, INR/EUR which are any which ways already allowed by RBI for resident Indians.

As a summation the only point I am trying to make here many members have posted /shared very valuable information as well as links but all of us are still in dark if answer is yes/no at a time when all of us are searching for this answer, I thought let me at least clear the air related to Alpari I operations and few members making analogy/correlation with that of Fx trading legality, that is the only limited point i wanted to address,

Cheers!!

 

[pmg123]

Hashavardhan, you made a valid point, I want to repeat this.

Dear fellow members those who have traded for more than 12 months, can you please share your views on
a. Which broker you have using
b. what is your experience
c. what is the spread
d. Is Scalping allowed
e. Have you anytime withdrawn money
f. Your overall experience etc..

Thanks in anticipation.

 

[e.koren]

Sometimes I really hate being an Indian. This is one of those moments. I just got the demo account from forex.com with 50000 us$ as virtual money. I already made 1236$ profit. Plus it was so easy to understand. I was thinking of day trading before but when I got the demo account I was completely convinced. I thought I would go for a real account. But, now I it seems I have only one option...curse RBI

 

[smartboy1jan1982]

Also for your information in addition to having their facility to service international customers and act more like a back office operation they have also ventured out and taken permission /license from Govt /RBI to start trading in Indian currency products like; INR/USD, INR/EUR which are any which ways already allowed by RBI for resident Indians.

I agree with all your points except this part. Alpari would come under as a Foreign Institutional Investor (FII). And IIRC, currency derivatives trading is not allowed for FII's.

 

[VJAY]

So far I have not heard back anything and I think I need to file another RTI application to check the status of the earlier application. I will ask my friend once again to check if she can find anything otherwise file another application, she is real busy in her engagements and so am I these days.

Dear Vikas,
are you geard anything about your RTI application?if so please share with us....