Buddy,
Even I'm not trying to debate or argue ... I read even in few other threads, (there is one thread exclusively on this Legality of FX trading) ... Traders discussing this aspect/s ...
There are few things that i want to ... convey ... disclose ...
For all the rules that any Govt makes, there are Two aspects ... One In Letter ... One in Spirit ....
What every one keeps discussing is the Letter Part ... I want to talk about Spirit Part ...
When some one loses money, in any other business (than FX), ONLY HE / SHE loses the money. Whereas, when a FX trader loses money, its not just HE / SHE that loses money, BUT RBI loses part of its FOREX reserves (READ USD). And RBI needs FOREX reserves to pay for Imports, that are actually important for the economy, for the country, for the residents. This is THE reason, why RBI prohibits Indians from FX trading. Now, what if some one making profit, by FX trading? Are they not bringing in all important FX Reserves? Why RBI / FEMA does not talk about it? And who decides what all are very Important Imports? How import of 3G technology has really helped the bottom line of our economy, except that it gave birth to spectrum scam?
Law of the land stipulates lots of things ... How many of us follow all that, that ONLY FX traders are always at the receiving end? How many of us even aware that Law of the Land stipulates that all vehicles should have both left and right review mirrors, how many of us follow that? How many of us are aware that the Law of the Land even stipulates the Tyre pressure to be precise on road?
As I said, lts not debate .. argue ...RBI has more headaches ... what with now that even MP election are announced ..
Lts make hay when sun shines ......
No Offence ... whatsoever ... to any one .. with this post ....:thumb::thumb::thumb:
Even I'm not trying to debate or argue ... I read even in few other threads, (there is one thread exclusively on this Legality of FX trading) ... Traders discussing this aspect/s ...
There are few things that i want to ... convey ... disclose ...
For all the rules that any Govt makes, there are Two aspects ... One In Letter ... One in Spirit ....
What every one keeps discussing is the Letter Part ... I want to talk about Spirit Part ...
When some one loses money, in any other business (than FX), ONLY HE / SHE loses the money. Whereas, when a FX trader loses money, its not just HE / SHE that loses money, BUT RBI loses part of its FOREX reserves (READ USD). And RBI needs FOREX reserves to pay for Imports, that are actually important for the economy, for the country, for the residents. This is THE reason, why RBI prohibits Indians from FX trading. Now, what if some one making profit, by FX trading? Are they not bringing in all important FX Reserves? Why RBI / FEMA does not talk about it? And who decides what all are very Important Imports? How import of 3G technology has really helped the bottom line of our economy, except that it gave birth to spectrum scam?
Law of the land stipulates lots of things ... How many of us follow all that, that ONLY FX traders are always at the receiving end? How many of us even aware that Law of the Land stipulates that all vehicles should have both left and right review mirrors, how many of us follow that? How many of us are aware that the Law of the Land even stipulates the Tyre pressure to be precise on road?
As I said, lts not debate .. argue ...RBI has more headaches ... what with now that even MP election are announced ..
Lts make hay when sun shines ......
No Offence ... whatsoever ... to any one .. with this post ....:thumb::thumb::thumb:
