Hi I am an fx trader and been doing that since few years on demo with good results.
I know about it being illegal in India but was wondering would it be fine this way.
I was in UK on study visa for and hence have an UK Bank account,I will wire transfer my money into my UK bank account and will fund the brokerage through my UK debit card or I also have some pounds in one of my another UK account(Can use that as well to fund my UK account)
I have 2 options
Either ways I will pay tax.
Either in Uk and bring that money to India and wont have to pay tax twice under tax treaty with UK or Straightway get that money in India and pay whatever tax is levied upon(Done know how legal it is but will involve some lawyer)
Worst come scenario- I will go to UK on a visit visa and trade from there and keep hopping on to different nations and keep my money in UK only.
What is the rule for illegality of fx trading-Is it Indian citizens or Indian residents.
And BTW I had a word with Icici bank officials and they told they I cant fund my broker account with debit card,same with HSBC and Deutsche. Dont knowif they allow with Credit card or Wire transfer as well.
R.Singh
MS Finance QMUL,UK.
PHD Financial Econometrics,UK.
I know about it being illegal in India but was wondering would it be fine this way.
I was in UK on study visa for and hence have an UK Bank account,I will wire transfer my money into my UK bank account and will fund the brokerage through my UK debit card or I also have some pounds in one of my another UK account(Can use that as well to fund my UK account)
I have 2 options
Either ways I will pay tax.
Either in Uk and bring that money to India and wont have to pay tax twice under tax treaty with UK or Straightway get that money in India and pay whatever tax is levied upon(Done know how legal it is but will involve some lawyer)
Worst come scenario- I will go to UK on a visit visa and trade from there and keep hopping on to different nations and keep my money in UK only.
What is the rule for illegality of fx trading-Is it Indian citizens or Indian residents.
And BTW I had a word with Icici bank officials and they told they I cant fund my broker account with debit card,same with HSBC and Deutsche. Dont knowif they allow with Credit card or Wire transfer as well.
R.Singh
MS Finance QMUL,UK.
PHD Financial Econometrics,UK.