Forex Is Legal In India
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Wednesday, October 24, 2007
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OVERVIEW
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Forex
The global foreign exchange market is the biggest market in the world. The nearly USD 2 trillion daily turnover exceeds the combined turnover of the entire world''s stock and bond markets.
There are many reasons for the popularity of foreign exchange trading, but among the most important are, the high liquidity 24 hours a day and the very low dealing costs associated with trading. The market is so large that a handful of players can never influence its outcome
More on Forex
The Retail Forex Market
The Retail Forex Market
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Some Interesting Facts
Find some interesting facts on forex investments/Trading here.
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Deciphering the Currency Quotes
Currencies are always quoted in pairs, viz. EUR/USD, USD/JPY, and so on. The reason behind this convention is simple; a currencys value can only be represented against another currency. For, example,
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Copyright 2007. All rights Reserved. Reliance Money Limited
Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI
Registration Number Capital Market :- INB 011234839 | NSE SEBI Registration Number Derivatives :- INF 231234833 Commodities : Trading through Reliance Commodities Limited | MCX member code: 29030 | NCDEX member code: NCDEX-CO-05-00647|
NMCE member code: CL0120 Mutual Funds : Reliance Securities Limited | AMFI ARN No.29889
In case of any grievances please write to [email protected]
In case of any queries/ complaints with respect to stock broking transactions executed on this website or pertaining account opening, Pl.address your correspondence to Reliance Securities Limited.
Company Search 43
Open an Account | Login | Demo
Wednesday, October 24, 2007
Understand the basics of investing and trading online. Delve into advanced concepts and strategies that will give you an edge.
Equity | Derivatives | IPO | Commodity | Mutual Funds | Forex | Insurance | Mobile
You are in : HomeKnowledge CenterForex
OVERVIEW
Equity Derivatives Mutual Fund Commodities Forex IPO View FAQs Glossary
Forex
The global foreign exchange market is the biggest market in the world. The nearly USD 2 trillion daily turnover exceeds the combined turnover of the entire world''s stock and bond markets.
There are many reasons for the popularity of foreign exchange trading, but among the most important are, the high liquidity 24 hours a day and the very low dealing costs associated with trading. The market is so large that a handful of players can never influence its outcome
More on Forex
The Retail Forex Market
The Retail Forex Market
View Articles
Some Interesting Facts
Find some interesting facts on forex investments/Trading here.
View Articles
Deciphering the Currency Quotes
Currencies are always quoted in pairs, viz. EUR/USD, USD/JPY, and so on. The reason behind this convention is simple; a currencys value can only be represented against another currency. For, example,
View Articles
Forex Trading: Basic Concepts
Forex Trading: Basic Concepts
View Articles
News
Research
Markets
Knowledge Center
Charting
Customer Service
Contact Us
Site Map
SEBI | BSE | NSE
Terms & Conditions | Disclaimer | Online Privacy | Trouble Logging in
Copyright 2007. All rights Reserved. Reliance Money Limited
Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI
Registration Number Capital Market :- INB 011234839 | NSE SEBI Registration Number Derivatives :- INF 231234833 Commodities : Trading through Reliance Commodities Limited | MCX member code: 29030 | NCDEX member code: NCDEX-CO-05-00647|
NMCE member code: CL0120 Mutual Funds : Reliance Securities Limited | AMFI ARN No.29889
In case of any grievances please write to [email protected]
In case of any queries/ complaints with respect to stock broking transactions executed on this website or pertaining account opening, Pl.address your correspondence to Reliance Securities Limited.
A
Re: Forex Is NOT 100% Legal In India
Hi all,
Reliance may be a big corp on its own in India but it doesn't mean if reliance acts as IB to CMC plc or some other broker's overseas it become legal, Reliance is not a ECN broker for retail forex and they are just a Introducing broker to overseas broker which mean they just refer you to them with their corporate label and reliance doesnt hold your funds in India as Indian Rupee account and its wire transfered to overseas broker account in $$ , so when making withdrawals of big sum its comes just RBI norms and i am not talking about 100$ and 2000$ mini traders for this issues , so stay cautious and reliance or any other wont come to help when you caught under FEMA regulations,
Also its clear on RBI norms transfering money for margin trading is illegal and not permissiable btw FMC which regulates commodities trading in India already banned trading using overseas futures and keeping their terminals in India
Also in forex there is lot of scam artist kind of brokers now a days ( e.g read a recent sad story www.fxopen.info ) and i dont recommend any forex broker unless you have capability to trade interbank access
with A++ rated banks directly if you have such liquidity
Even Refcofx created a big problem few yrs back and they are now no more in biz , they are one of largest liquidity provider but went bankrupt , so think twice if you prefer forex for retail trading
There is lot of eg i can point about fx brokers in general
PS: JUNGLELION Is a scam artist who act as IB to above scam broker
Hi all,
Reliance may be a big corp on its own in India but it doesn't mean if reliance acts as IB to CMC plc or some other broker's overseas it become legal, Reliance is not a ECN broker for retail forex and they are just a Introducing broker to overseas broker which mean they just refer you to them with their corporate label and reliance doesnt hold your funds in India as Indian Rupee account and its wire transfered to overseas broker account in $$ , so when making withdrawals of big sum its comes just RBI norms and i am not talking about 100$ and 2000$ mini traders for this issues , so stay cautious and reliance or any other wont come to help when you caught under FEMA regulations,
Also its clear on RBI norms transfering money for margin trading is illegal and not permissiable btw FMC which regulates commodities trading in India already banned trading using overseas futures and keeping their terminals in India
Also in forex there is lot of scam artist kind of brokers now a days ( e.g read a recent sad story www.fxopen.info ) and i dont recommend any forex broker unless you have capability to trade interbank access
with A++ rated banks directly if you have such liquidityEven Refcofx created a big problem few yrs back and they are now no more in biz , they are one of largest liquidity provider but went bankrupt , so think twice if you prefer forex for retail trading
There is lot of eg i can point about fx brokers in general
PS: JUNGLELION Is a scam artist who act as IB to above scam broker
Last edited by a moderator:
Re: Forex Is NOT 100% Legal In India
That will really be helpful because as far as my understanding goes, The Liberalised Remittance Scheme (Now it permits a remittance of USD 2,00,000 to resident Indians) is available for making remittance/s for [/B]any permissible current or capital account transaction or a combination of both. [/B] Further, they can use it to purchase any asset without permission of RBI.
Refer- http://www.rbi.org.in/scripts/FAQForex.aspx
It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000
None of these specifically ban trading in forex. (Refer:- http://www.eximkey.com/contents/showpage1.asp?pageid=15322)
Hence, I would be glad to know how Forex Trading using the "Liberalized Remittance Scheme" is illegal.
Best Regards,
--Ashish
Hi,
It is some were around this forums posted already, i don't remember were is it exactly and if i found time i will search and post it here or PM you
It is some were around this forums posted already, i don't remember were is it exactly and if i found time i will search and post it here or PM you
Refer- http://www.rbi.org.in/scripts/FAQForex.aspx
It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000
None of these specifically ban trading in forex. (Refer:- http://www.eximkey.com/contents/showpage1.asp?pageid=15322)
Hence, I would be glad to know how Forex Trading using the "Liberalized Remittance Scheme" is illegal.
Best Regards,
--Ashish
THANKS FOR GIVING ME A NEGATIVE REP. I PITY ABOUT YOUR CHOICE OF USE OF REP SYSTEM !!
I had a talk with Reliance People and they have yet not started trading Forex Online. Only physical buying selling of Forex has started and not trading based on Margin.
It seems reliance is offering you special privilege !!
Great Connections to ANil !
Re: Forex Is NOT 100% Legal In India
Margin trading is what is banned, not forex trading per se.
http://www.rbi.org.in/Scripts/NotificationUser.aspx?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.
Margin trading is what is banned, not forex trading per se.
http://www.rbi.org.in/Scripts/NotificationUser.aspx?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.
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