I happened to read few more threads about this, and it seems forex trading is illegal. But I also know many ppl trade forex. . I am worried about the legal consequences to open a account with fx broker and trade commodities, and I understand you trade them, so would like to ask you, are you not afraid of legal consequences of trading forex. What is the max punishment for that.
But what I can comment is that its not a serious offense, only the money involved is the concern coz many people may use this forex route for money laundering purpose. Unless its a big amount which alerts tax authorities or someone has made formally complaint against you there is no way that you will come under radar . As you can see trading is legitimate business, many traders work from India for companies related with trading on payroll. There is penalty of 3-5 times approx of the sum involved in the FEMA laws but haven't heard some one ever dealt with this kind of thing for forex trading.
Second scenario which may come is only from IT department which can be easily dealt, just pay the normal slab of tax and you are done.
And if you are worrying that if you ever make big money trading in forex then how to remit, then I'll say that's a good news, go for a foreign trip and enjoy with the money and open a bank account there .