Remitting money from UK/USA to India

We all know that remitting money from your Indian Bank account to any foreign bank account for margin based trading (Forex Trading) is not allowed according to RBI guidelines.

Still lots of Indians do that.

My question is if somehow you deposit money (Showing investment purpose /using S0001) in your forex account abroad, trade forex and make money, how do you get it back from your forex account to your Indian Bank account.

Obviously your Indian Bank would ask where the fund is coming from. If you say that you made money by investing in stocks abroad, will they stop there or they will further enquire to confirm whether it was really an investment or just trading (Which in prohibited).

Any kind of explanation here is appreciated.

AJ

Dont just get it complicated....Fund via Paypal or other methods like them.....Then divide the deposits.....

Accept Withdrawal by Paypal. Then Paypal can transfer to any banks...I m doing it for mrore than 5 year...not a single proble...I put Accounting and Tax in withdrawal method in paypal.

If you going to deposti over 25 Lakhs, then you should consult with the Bank Manager. Below 25 lakhs is possible if you deposit by dividing it.

Thanks for the quick reply!

First, what do you mean by dividing the fund?

Second, the brokers I am gonna be trading with(Forex.com,Fxcentral and OneFinancila), do not accept PayPal,only wire and debit/credit.

Please advice.

Thank you,

AJ

Ok..Dividing the Funds means....If you want to invest 2000$, you can divide it by 4 and invest 500$ one time and invest the rest by that method...

OK...the brokers are good.

Paypal Accepted Brokers are Fxpro, CMS, IKON, GCI, FXDD and FXsolutions)

They are equally great.

www.fxpro.com
www.cmsforex.com

Thanks for the reply!

Just one more question!

Say if I don't use Paypal to withdraw money and I am stuck with wire/debit/credit, how do I make this withdrawal legal?

Will I get an option to choose the purpose of withdrawal while withdrawing though wire/debit/credit (Where I can select "Accounting and Tax" as in Paypal)?

Thanks in advance,

AJ

Any Help!

Thanks!

AJ