Trading Forex from India - question about this method

#1
Hi Guys,

As we know, trading forex from India is not permitted. Could anyone please let me know if we can use the below method to trade forex:

1} When we are abroad (where forex trading is allowed)- open a bank account there.

2} Ask a relative who is abroad to transfer money to that bank account.

3} Open a Forex trading account in that country where one opened the
bank account.

4} Send fund to the forex trading account from that account which
is abroad and in which money was deposited by relative using
their money earned abroad.

5} Trade online from India using that forex account.

6} When you make profit, send the money (same amount as was given by the relative) to your relative so as to give back their money.

7} Take the remaining profit from the trading account and keep it in the foreign bank itself and don't send it to India.

8} What we do with the money kept in foreign bank - leave it there. People have many plans - including maybe higher studies or work there or something.


Is the above method ok ? Since under the rules, we cannot send IR to do anything related to leverage - which we are not doing in the above method. And we are not sending the money to India from the forex profits.

So neither are we remitting IR to abroad for forex nor are we collecting forex profits to India.
 

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