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    What is the punishment for forex trading in India?

    I have a friend abroad in Germany. The problem is, they have 40%(or something) flat tax and they are very well organized. If he invests on my behalf, and I make money, then that money will be a capital gain and he has to pay tax on it. Then he will transfer it in my account where I will have...
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    What is the punishment for forex trading in India?

    Thanks saiftauheed for the clarifications. One more question, what do you show it as in the income tax? Can I say its futures or stocks etc? Also is retailfx a good broker? Do you recommend them? Do you recommend any Indian broker?
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    What is the punishment for forex trading in India?

    Hi! As per the RBI, forex trading is illegal. The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve...