I treat trading as a business and not hobby. I have question about RBI and Forex trading.
As per RBI Indian residents can not send funds thru Debit or Credit card to any broker outside India for Forex trading. Is there any other method to overcome this problem? Also inwards remittance will come under FEMA regulation thereby Indians can not receive profit made thru Forex trading in Indian Bank accounts. Can anyone explain how to send funds to broker and receive Forex profit by-passing RBI.
Can an Indian open a bank account outside India where he has a Forex broker. Suppose the answer is yes then if you repatriate funds will RBI come in picture. The inward remittance may be taxed. Please clarify.
As per RBI Indian residents can not send funds thru Debit or Credit card to any broker outside India for Forex trading. Is there any other method to overcome this problem? Also inwards remittance will come under FEMA regulation thereby Indians can not receive profit made thru Forex trading in Indian Bank accounts. Can anyone explain how to send funds to broker and receive Forex profit by-passing RBI.
Can an Indian open a bank account outside India where he has a Forex broker. Suppose the answer is yes then if you repatriate funds will RBI come in picture. The inward remittance may be taxed. Please clarify.