Question on Wire Transferring profits.

#1
Hi All,

I have been trading Fx for quite some time. I mostly trade EUR/USD. I have a query on wire transferring the profits I have made into my India bank account. My broker is based out of India and the only way to withdraw funds is through Wire Transfer.

Now my question is when the money reaches Bank, do they question you on from where this dollars are coming from? If they do and ask for proof, you cant really tell them you are trading fx. I am happy to pay Tax on my profits made.

I would be happy to get assistance from people who are trading Fx on this forum. Any help / guidance would be greatly appreciated.

Regards,
Mehool.
 
#2
Hi All,

I have been trading Fx for quite some time. I mostly trade EUR/USD. I have a query on wire transferring the profits I have made into my India bank account. My broker is based out of India and the only way to withdraw funds is through Wire Transfer.

Now my question is when the money reaches Bank, do they question you on from where this dollars are coming from? If they do and ask for proof, you cant really tell them you are trading fx. I am happy to pay Tax on my profits made.

I would be happy to get assistance from people who are trading Fx on this forum. Any help / guidance would be greatly appreciated.

Regards,
Mehool.
of course they would ask you where the money is coming from,until and unless there is large transcation invollved like if you are withdrawing more than 1 lakh every now and then! if its a small amount profit every month don't bother ! if they ask Just tell the from investment in future's and option because legally you cannot remit fund from India to international broker change INR To USD for the purpose of trading and trade in forex that is banned!
 
#3
Thanks Saif for your quick response.

So if I withdraw 1000 USD every week, will they still ask questions.? If I tell them that this income is from investment in Futures and Options in International markets which is allowed, wont they ask for any transaction proof?

Regards,
Mehool.
 
#4
Ok so 1000$ every week will make 2 lakhs every month ! I would say that the idea of bringing 1000$ every week would be great but keep it lower than 1 lakh at a time ! I AM NOT SURE ON THIS ONE BUT for people who earn above rs 50,000 per month will have to pay taxes so you would have to show some kind of proof while IT filing , if you don't have to show proof while filing then no tension( I am not sure you have to or not)! Ok as you have remmited funds from india for forex trading you will get into trouble, if you didn't remit fund from India but from abroad you cannot legally get into a case because it says only remmitance from india (INR) is not allowed to fund for fx trading ! what I would do is use any other source for recieving payments like paypal, alertpay, moneybookers and paypal has a purpose code so they won't ask you for paypal but alerpay and moneybookers you can tel them you are a free lancer and do projects online ! that should be it !
 
#5
Thanks Saif,

Let me give you an overview and maybe you can help / advice. Currently I am trading manual. But in future, I am planning to do Auto Trade. The platform is Ninja Trader and broker would be Forex.com or Gain Capital. I can't use any other platform because this Auto code works only on Ninja Platform and its designed specifically for that.

Now when you use Ninja, you have limited brokers with whom you can trade with and the best is forex/Gain Capital. And the problem with Gain is that they only allow you to withdraw via Wire Transfer.

If I trade Manual, then I guess the best option is Fx Central as they allow to make deposits & withdrawals using local bank deposits. Hence there is no involvement of International wire transfers. Hence no limits in withdrawing.

But my challenge is for Auto trading as mentioned above. What would you advice.

Regards,
Mehool.
 
#6
Thanks Saif,

Let me give you an overview and maybe you can help / advice. Currently I am trading manual. But in future, I am planning to do Auto Trade. The platform is Ninja Trader and broker would be Forex.com or Gain Capital. I can't use any other platform because this Auto code works only on Ninja Platform and its designed specifically for that.

Now when you use Ninja, you have limited brokers with whom you can trade with and the best is forex/Gain Capital. And the problem with Gain is that they only allow you to withdraw via Wire Transfer.

If I trade Manual, then I guess the best option is Fx Central as they allow to make deposits & withdrawals using local bank deposits. Hence there is no involvement of International wire transfers. Hence no limits in withdrawing.

But my challenge is for Auto trading as mentioned above. What would you advice.

Regards,
Mehool.
For what I have read and understood of the above local bank deposits to fxcentral would be just just fine because there would be no involvement of INR converted into USD and leaving the country from your side !
 
#7
Yes Saif,

But with fx central, I cannot do Auto trading which I am looking for. Also, can you tell me how are you trading? like which platform, broker, pairs, timeframes, etc? also where are you based out of?

If you want, I can share my email and we can take it offline

thanks
 
#9
Yes Saif,

But with fx central, I cannot do Auto trading which I am looking for. Also, can you tell me how are you trading? like which platform, broker, pairs, timeframes, etc? also where are you based out of?

If you want, I can share my email and we can take it offline

thanks
I am with instaforex, And the best part is I am 17 and I have Remitted funds internationally , I did some very hard and time killing free lance work and I got paid through alertpay as it was paid in dollars through some one abroad it does not include any remittance and not converted from INR to usd so the law does not apply on me ! btw there are many threads here on the same discussion look at this link -
http://www.traderji.com/forex/57823-what-punishment-forex-trading-india.html

there are many more just go the next page and se
 
#10
Thanks Saif,

I will check that thread and check with you if I have any questions. Good to know that you are just 17. You have a very long way to go.

One thing i have learned is with time you understand forex better. I am fine tuning my manual strategies and now when I look back, I had made some stupid mistakes which had cost me a lot. But I guess, that was my learning phase and I have learnt from them. Looks like you are in some trade now thats why you are awake so late :)

regards,
Mehool.
 

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