Forex Is Legal In India

aca_trader · #11 25th October 2007, 10:37 AM

Quote:

Originally Posted by bslk

Margin trading is what is banned, not forex trading per se.

http://www.rbi.org.in/Scripts/Notifi...Id=3500&Mode=0

All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.

Oh! I did not update myself on the issue. This is a new condition added by the mentioned circular. In light of the above, any leveraged transaction in any asset class won't be permissible.

Best Regards,
--Ashish

aca_trader · #12 25th October 2007, 10:43 AM

Quote:

Originally Posted by amarnath

Retail forex is nothing but margin trading with OTC brokers

which is leveraged business

Do Agree. An Opportunity Closed.

trytrading · #13 25th October 2007, 02:57 PM

dear members

Reading this has made me confused!!!

Please can someone help me to know that if I trade in options in a foreign exchange will it be considered margin financing?

Please Help.

bslk · #14 25th October 2007, 03:26 PM

Quote:

Originally Posted by trytrading

dear members

Reading this has made me confused!!!

Please can someone help me to know that if I trade in options in a foreign exchange will it be considered margin financing?

Please Help.

You should be able to go long options and do covered calls according to the following.

http://otp.icicidirect.com/faq.htm

aca_trader · #15 25th October 2007, 04:42 PM

Quote:

Originally Posted by bslk

You should be able to go long options and do covered calls according to the following.

http://otp.icicidirect.com/faq.htm

RBI says that remittance can not be used for paying margin or margin calls. There is a wayout though.

Use the remittance for purchase of any Spot Asset (Land, Building, Shares, Commoditities, etc.) and use that asset acquired outside India as margin with the Counterparty/Exchange/Broker.

Best Regards,
--Ashish

JungleLion · #16 25th October 2007, 05:50 PM

Oanda.com a US government regulated forex broker with lowest spreads in forex allows deposits through paypal, which in turn accepts credit card.

Withdrawls are back to paypal which funds any visa branded credit, debit or prepaid card.

Thus bypassing any bank entirely and thus RBI.

Moreso Oanda pays interest on unused funds.

Oanda is CFTC regulated.

Amarnath: Look for regulated brokers instead of posting bs on forums, have you ever even on one single thread seen me looking for clients to post such libel against me.

If I refused access to a licensed MT4 product does not mean you can bs me, on chat you specifically blackmailed me to post bs about me if I do not share the licensed product with you.

----------------
Bullion bulls: if u have server admin u can use it
Bullion bulls: if u have server components pls send it
Preet Kanwaljit Singh: sorry can't its against polic y
Bullion bulls: i dont disclose it to any one
Preet Kanwaljit Singh: mt4 is a licenced product, sorry
Bullion bulls: all sw today is licensed
Bullion bulls: nothing is expection in we use
Bullion bulls: wat i send u as MT4 api is same licensed
Bullion bulls: we are closed group
Bullion bulls: and only i share wat i find from u
Bullion bulls: how to claim 25 $ acct from fx open
Bullion bulls: http://fxopen.info/
Bullion bulls: is it a scam company????
BUZZ!!!
Bullion bulls: can we post abt it on traderji/?
Bullion bulls: u thr ?
Bullion bulls: i need u r idea before i can post on traderji
BUZZ!!!
Bullion bulls: can u send login to fxopen mt server ftp
BUZZ!!!
Bullion bulls: i will wait 30 mins before i post abt it on traderji
Bullion bulls: i have seen ppls like u before
Bullion bulls: who act like big but sitting in 1*8 sized room for active bucketing
Bullion bulls: will post to traderji
Bullion bulls: sorry for it
Bullion bulls: beware of forex scams before becoming ib to them
Bullion bulls: may be u r novice
Bullion bulls: i know well u dont have MT 4 server access
Bullion bulls: if yes u must be know wat is unidde
Bullion bulls: and real cost of mt 4 server which is not 100k $ as u think
Bullion bulls: u poor little guy

JungleLion · #17 25th October 2007, 05:58 PM

Quote:

Originally Posted by JungleLion

Oanda.com a US government regulated forex broker with lowest spreads in forex allows deposits through paypal, which in turn accepts credit card.

Withdrawls are back to paypal which funds any visa branded credit, debit or prepaid card.

Thus bypassing any bank entirely and thus RBI.

Moreso Oanda pays interest on unused funds.

Oanda is CFTC regulated.

Amarnath: Look for regulated brokers instead of posting bs on forums, have you ever even on one single thread seen me looking for clients to post such libel against me.

If I refused access to a licensed MT4 product does not mean you can bs me, on chat you specifically blackmailed me to post bs about me if I do not share the licensed product with you.

----------------
Bullion bulls: if u have server admin u can use it
Bullion bulls: if u have server components pls send it
Preet Kanwaljit Singh: sorry can't its against polic y
Bullion bulls: i dont disclose it to any one
Preet Kanwaljit Singh: mt4 is a licenced product, sorry
Bullion bulls: all sw today is licensed
Bullion bulls: nothing is expection in we use
Bullion bulls: wat i send u as MT4 api is same licensed
Bullion bulls: we are closed group
Bullion bulls: and only i share wat i find from u
Bullion bulls: how to claim 25 $ acct from fx open
Bullion bulls: http://fxopen.info/
Bullion bulls: is it a scam company????
BUZZ!!!
Bullion bulls: can we post abt it on traderji/?
Bullion bulls: u thr ?
Bullion bulls: i need u r idea before i can post on traderji
BUZZ!!!
Bullion bulls: can u send login to fxopen mt server ftp
BUZZ!!!
Bullion bulls: i will wait 30 mins before i post abt it on traderji
Bullion bulls: i have seen ppls like u before
Bullion bulls: who act like big but sitting in 1*8 sized room for active bucketing
Bullion bulls: will post to traderji
Bullion bulls: sorry for it
Bullion bulls: beware of forex scams before becoming ib to them
Bullion bulls: may be u r novice
Bullion bulls: i know well u dont have MT 4 server access
Bullion bulls: if yes u must be know wat is unidde
Bullion bulls: and real cost of mt 4 server which is not 100k $ as u think
Bullion bulls: u poor little guy

What you sent to me was a product api of unitronics.com product, not MT4

Stop blackmailing me on yahoo messenger, i had to put you on ignore list.

bslk · #18 25th October 2007, 06:28 PM

Quote:

Originally Posted by aca_trader

RBI says that remittance can not be used for paying margin or margin calls. There is a wayout though.

Use the remittance for purchase of any Spot Asset (Land, Building, Shares, Commoditities, etc.) and use that asset acquired outside India as margin with the Counterparty/Exchange/Broker.

Best Regards,
--Ashish

Even if this is legal you would still need some cash balance to meet daily mark to market requirements.

aca_trader · #19 25th October 2007, 07:18 PM

Quote:

Originally Posted by bslk

Even if this is legal you would still need some cash balance to meet daily mark to market requirements.

What if the counterparty accomodates!!

-Ashish

aca_trader · #20 25th October 2007, 07:22 PM

Quote:

Originally Posted by JungleLion

Oanda.com a US government regulated forex broker with lowest spreads in forex allows deposits through paypal, which in turn accepts credit card.

Withdrawls are back to paypal which funds any visa branded credit, debit or prepaid card.

Thus bypassing any bank entirely and thus RBI.

Moreso Oanda pays interest on unused funds.

Oanda is CFTC regulated.

Amarnath: Look for regulated brokers instead of posting bs on forums, have you ever even on one single thread seen me looking for clients to post such libel against me.

Even if Oanda is registered and regulated, it does not get any right to solicit clients in India without adhering to Indian Regulations.

Further, what you are suggesting (Payment by paypal) does not and can not bypass RBI and its regulations. This poor advise of yours may make your clients liable to penalties and prosecution.

Regards,
--Ashish