Individuals cannot trade in forex market: RBI

[maidass]

Hi.
The appointment is next week and as soon as i get the info, will certainly update them here.
regards,

Dear all,
I have fixed an appointment with an Officer of technical department for Forex Market at RB, Mumbai regarding the latest RBI press note. He will clarify all our ambiguity, confusion and all that.
Please do mail me all that I need to clarify with him so that all of us get benefit out of my meeting. Please mail me on [email protected].
Dear moderators, as I'm giving my e mail id only to help all my co Fx traders, please do not consider this post as a breach of Forum rules.

Thanks & Regards,



Hi Maidas

Did you get any info out of meeting with the RB officer
pls update

 

[robkey]

yeah plz update it sir .

I think we can send money outside india telling Foreign equities .

The main drawback comes while withdrawing is that , The IT guys questions you . :annoyed:

 

[fxcrazy]

Hi.
The appointment is next week and as soon as i get the info, will certainly update them here.
regards,

Any update?

 

[atulaw]

I will just compound my forex account and than I will move to cayman islands :thumb:

 

[senor]

Hey Maidass

what about the meeting with the rbi official what happened many guys waiting for your reply

 

[kradhavijaytji]

What should happen to those who have invested in forex trade before this clarification from rbi. Would action be taken on them ?.

Nobody can profit even from indian stock market unless they have no technical skill. In that way everybody who are not technically skilled are to be called gullible.so rbi should allow who are skilled to trade forex. It is advantageous to trade forex because it is a 24 hr activity. Employed people can make some money after their .office hours.bigger leverage also good for skilled persons.
May sense rather than narrow mentality dawn on rbi.

 

[ga1985]

Hi,

I have no experience in trading so please correct me if i am wrong.

For this matter i had discussion with one broker of FXCentral (before opening a/c with FXCentral I wanted to discuss about whether doing forex trading is legal in India or not, I forwarded RBI press release PDF to him).

He said as per document

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.

His answer was remittance is sending money outside India. As FXCentral is registered with RBI and to open A/C with them, for forex trading, we need to deposit money in their Axis bank A/C, India. You will not send money outside India. So doing forex trading with FXCentral is legal and you can show profit as your income for tax calculation also.

As I mentioned above, I have no experience in trading so please correct me if i am wrong. Pls give your comment whether he is saying right or not.

Thankx

just want to ask...how can you withdraw Monay in FXCental ??.. Do they deposit in your Bank account ? and how is it deposited ?

 

[kradhavijaytji]

Gi,
i do have experience of trading forex with reliance money in association with cmc markets ,london 2 years back. My opinion is for those who have good technical knowledge it provides good opportunity for money making. It provides 24 hours trading which is convenient for working people: Bigger leverage:. Faster movements which provide greater trading opportuities.
All these are good if only the broker is trustworthy. In my case i could not make any profits and only lost my money.may be because lack of technical knowledge..but now i have gained good technical skill and my trades in the demo account provided by brokers are all successful.so, when i was contemplating to open live account with a forex broker that the reserve bank came up with the press release. Now i am worried that my efforts all these months goes in vain.i am looking for a way out . Can you give the phone no of fxcentral executive to whom i want to talk.is the remittance only unlawful or trading also is ? Please clarify.

 

[sanjoy_roy]

Hi.
The appointment is next week and as soon as i get the info, will certainly update them here.
regards,

Maidass,

Please update on the status of the meeting.

Thanks,
Sanjoy

 

[cooldudeRE]

Credit Card is not to be used for funding forex account.

http://economictimes.indiatimes.com...-to-credit-card-firms/articleshow/7933250.cms