Attention! - Forex trading is illegal in India!

[Umesh Suresh]

forex trading is baned only when indian ruppe is not involved..

like all international pairs, EUR/USD,USD/JPY, GBP/USD etc, etc etc..

but pairs where indian ruppee is traded like USD INR, EUR INR, JPY INR, GBP INR are legal and are actively traded in NSE MCX exchanges..

now it wouldnt be traded in mcx nd nse if it were banned by rbi now would it be ?

 

[Mohan_88]

Hi all

Now i am in London doin forex trading with international broker using bank account opened in london soon i will be moving to India From India can i do forex trading using this bank account to deposit/withdraw money Is this legal?
If it is legal the profits earned will be taxble in india??(In UK profits are 100% tax free)

Please post ur comments friends.


Thanks in advance
Mohan

 

[sureshb65]

i talked to 4xp people, and they are saying fx trading is legal in india. they asked me to send the documents etc. if its illegal , how come they are giving ads in newspapers?? here is the link http://4xp.in/. how come they have offices in chennai , bangalore, and delhi? or is it some indian broker trying to freighten us. obviously if fx trading is legal in india, indian brokers will be wiped out

 

[supaTrade]

Read these two links:

http://forexmagnates.com/reserve-bank-of-india-moves-to-stop-foreign-forex-brokers/

http://articles.economictimes.india...403314_1_forex-trade-online-forex-credit-card

i talked to 4xp people, and they are saying fx trading is legal in india. they asked me to send the documents etc. if its illegal , how come they are giving ads in newspapers?? here is the link http://4xp.in/. how come they have offices in chennai , bangalore, and delhi? or is it some indian broker trying to freighten us. obviously if fx trading is legal in india, indian brokers will be wiped out

 

[DataRam]

Another Nice Article on Forex Trading In India

Link : Hindu Business Line

 

[supaTrade]

See this mailer sent by HDFC. Any credit card transaction for Forex or Margin trading will be reported to the RBI (see point E). The right to use CC may be revoked too.

http://mailer.hdfcbank.com/Aug12/RBI_CC/rbi_cc.asp

 

[SexyTrader]

See this mailer sent by HDFC. Any credit card transaction for Forex or Margin trading will be reported to the RBI (see point E). The right to use CC may be revoked too.

http://mailer.hdfcbank.com/Aug12/RBI_CC/rbi_cc.asp

Yes thats correct ! :thumb:

Best is to let a friend handle the money from abroad, while one does the trading bit

Later the friend can remit it as a personal remittance, no credit-card used in this way nor can it cause trouble with the Govt

 

[DataRam]

Yes thats correct ! :thumb:

Best is to let a friend handle the money from abroad, while one does the trading bit

Later the friend can remit it as a personal remittance, no credit-card used in this way nor can it cause trouble with the Govt

However all are not so fortunate to have such co-operative friends residing abroad .

 

[ethan hunt]

fema form 2
&
letter mentioning purpose of remittence

to be given to bank then only forex will be credited to your account after conversion to inr.

be ready to explain money laundering issues :thumb:

all transactions are reported to rbi by ad.

Yes thats correct ! :thumb:

Best is to let a friend handle the money from abroad, while one does the trading bit

Later the friend can remit it as a personal remittance, no credit-card used in this way nor can it cause trouble with the Govt

 

[rupeetrader]

Overseas forex trading is explicitly banned in India. Individuals can trade fx in NSE and MCX with four approved pair like USDINR, JPYINR, EURINR, GBPINR. Thats legal and allowed.

Brokerages are extremely low.

Hear Quantart is offering zero brokerage. no monthly fixed also.