Let us Trade Forex Legally.

[aps1956]

hi, there r a thousand ways for RBI to find out this. when US govt able to intercept 5 billion emails worldwide in a month, indian govt will be able to do it.
now banks like sbi is allowing customers to trade in the 4 pairs in india. wait till other pairs r allowed by RBI.:clapping:

 

[aps1956]

hi, to add further, any money transaction has to have a consideration to get legality. the system discussed above will fall in the ' hawala ' transacti0n category, for which there is severe punishment. pl think twice before trying this. this will spoil yr future.

 

[vasude]

if rbi allows forex trading after 70 years ,so you guys wait for the next 70 years wasting time by worrying about punishment and rbi ,already many broker opened offices and they got trick too.

 

[fxgood]

if rbi allows forex trading after 70 years ,so you guys wait for the next 70 years wasting time by worrying about punishment and rbi ,already many broker opened offices and they got trick too.

Its not trick but there is more traps as well, so stay cautious.

 

[looser89]

heh you asked!

More over, your premise is wrong...

System is such -
you give money to a guy in india .. he deposits the money in an indian account of his brother who is an NRI .. so NRI can send money outside.. no problem ..
NRI opens broker account say in UK in NRI name and gives you details.. you trade, you make profit, you click WITHDRAW, it goes to NRI bank account in NRI name .. NRI sends money to his brother in India .. his brother charges whatever service charges are and sends rest of profit to YOUR indian account in Indian account .. so there is NO legality problem here ..

Coming to trust system .. well, to each his own .. why people would go for it .. because some of us feel we can make BIG profits in forex .. way more than what NSE BSE etc has to offer BUT, we are trying to find a LEGAL way to do it ... as I said, risk evaluation is to each his own and such systems exist since post independence ..


Above is the ONLY legal way to go about it ..

the best way in which investor feels safe is when a person whose brother is in Uk give non dated cheque of same amount to investor which he invested and on withdrawal investor hand over the cheque to person and get back of his invested amount

 

[Littleflower]

Nice inputs from the traders here - Galts Gulch good input.

From what i understand in the RBI rules and regulations is that the INR conversion to foreign currency is prohibited. But the trader can always trade with the money received online and the source may be :

1. from forex competitions
2. from forex posting bonus
3. Any freelance work
4. Providing forex related service online.

Thus, in all of these there is no need for us to convert or invest our INR. All we do is to invest the money which we earn online and this is the way am trading in the forex market from past four years.

And after the profits are made one can always file returns based on suggestion given from CA to describe the source.

 

[annuvimt]

I heard that some of forex broker allows cash transaction.....Is that mean deposit and withdraw happens in cash direct to broker hand ??
if it then there is no worry about legality but still risk and trust factor on broker.

 

[annuvimt]

Cash transaction means ... either crediting cash to the broker's account held in INR .... Withdrawals happen same way ... Cash credit to trader's account ... Or if the account size is bigger than 1L Rs, one can use Angadiyas network for cash transaction ....
All the best ...

Thanks for your response Galts Gulch...you are sharing quite good information in this forum.

 

[Littleflower]

Cash transaction means ... either crediting cash to the broker's account held in INR .... Withdrawals happen same way ... Cash credit to trader's account ... Or if the account size is bigger than 1L Rs, one can use Angadiyas network for cash transaction ....
All the best ...

What's you suggestion for my view regarding trading in the forex market with the bonus we receive either posting bonus or competition bonus for trading in the forex market.

 

[Littleflower]

To be frank, I did not understanding from this sentence

Am sorry that you did not understand my sentence.

Well let me elaborate on the same.

There are some forex forums which will reward the members for their posts like the one we are doing here in traderji like that, for participation we can collect bonus money say like $100, $200 and so on. Also if we win in any forex competition also we can win cash prizes of $$$.

Thus, my question was that if the income or profits was generated from such bonus money, i do not think this will fall under the FEMA violation. Or there is no way that the bank will know that we have received money from forex trading itself, if we withdraw through moneybookers or paypal or neteller or perfectmoney (online payment processors ).

Hence, i wanted your view regarding this kind of bonus money which can be used for trading and generating income. :thumb: