Forex trading

Hello I want to open a Forex Trading account in U.k Can I open it if Yes thenhow can i Send USD 30000 for Opening such account. Please help me out.

Sure you can. The only reasonable way to transfer 30,000 is a bank wire transfer. You can call Reliance Money and ask if they still provide Forex trading services through their UK partner (they did in the past) - maybe it will be easier this way.

Thanks for your reply. You have cleared my doubts but as per RBI guidelines no foreign exchange can be remitted for Margin or Call for margin so plz clear this point as i am bit confussed and also tell what is the maximum amount per annum that i can remmit.
Is FXCM safe firm to open a Forex trading account as it has got office in many countries.
Plz reply soon

Margin calls are not allowed under LRS scheme, but if you use a banking card like Visa/Mastercard - should be no problem, since it's not a part of LRS.

Anyway, there are traders who specify S0001 as the purpose of the transfer and it works well (Indian investment abroad -in equity capital (shares)). Moreover, many Forex brokers provide share, commodities, etc trading as well - so it won't be a lie really

Thanks for your reply. I would like to know about taxation on Income from Forex Trading in U.k. Is it taxable in U.K or In India. Plz explain this.

In general, people pay taxes in the country they reside. So, if you live in India - you must pay taxes in India. It's a personal responsibility of every citizen to pay taxes on annual basis. Even if you sell your old TV to a friend and thus gain a revenue - you must pay taxes Of course, most people don't pay taxes for small things like that. I would even say that most individuals don't pay any taxes, and only companies do.

duster,

can you pl explain what is LRS ?

I got it. it is Liberalised Remittance Scheme.

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