Seniors Please help

#1
Hello all,
We all have been having this discussions about the legality of forex trading.
Some ppl say its legal some its not.

I think we all know the following things.

1- Forex trading is illegal in india , we cannot do it openly.:annoyed:

2- We all know many ppl from india are doing it and many traders who are member of this forum are also trading.:clap:

3- We all know that these traders know all the methods of deposits and withdrawls and know how to bypass
the rules of RBI.:D

4- Those traders who must be making good profits must have been providing a solid reason of this income to the income tax department every year coz they cannot tell that this income is from forex.;)

Rather than focussing or discussing its legality we should concentrate on the solution.:thumb:

So its my big big request to all these traders to pls pls come forward and help ppl by guiding in
what to do ?
If these traders just tell what i did mention above ,the details of deposit withdrawl methods, what to say to
IT ppl,what reasons to give for every transaction etc etc.
i m quite sure everybody who has doubt about these things will b highly grateful to the seniors.
Pls all the senior members come fwd and help us.
 

jahan

Well-Known Member
#2
Hello all,
We all have been having this discussions about the legality of forex trading.
Some ppl say its legal some its not.

I think we all know the following things.

1- Forex trading is illegal in india , we cannot do it openly.:annoyed:

2- We all know many ppl from india are doing it and many traders who are member of this forum are also trading.:clap:

3- We all know that these traders know all the methods of deposits and withdrawls and know how to bypass
the rules of RBI.:D

4- Those traders who must be making good profits must have been providing a solid reason of this income to the income tax department every year coz they cannot tell that this income is from forex.;)

Rather than focussing or discussing its legality we should concentrate on the solution.:thumb:

So its my big big request to all these traders to pls pls come forward and help ppl by guiding in
what to do ?
If these traders just tell what i did mention above ,the details of deposit withdrawl methods, what to say to
IT ppl,what reasons to give for every transaction etc etc.
i m quite sure everybody who has doubt about these things will b highly grateful to the seniors.
Pls all the senior members come fwd and help us.
Hello,

pls go through this link...........

http://www.traderji.com/forex/80450-request-all-senior-forex-traders.html


Regards,
 
#3
Hello,

Thanks for the thread.
I read it in detail and i tried funding my account with the debit card.
The transaction declined .:annoyed:
I made a visa virtual card and it also declined.
I have to different accounts with 2 brokers ,one of them is Hotforex the broker u use.( HF Markets Ltd)
I used the international visa option there where its written for india only.
I tried international visa debit card and the visa virtual card on both the brokers .I don't know y this happened.Both customer support says its from ur bank .
Are banks cracking down on all the payments made to brokers now on debit cards also ???
 

bunny

Well-Known Member
#4
how to bypass
Bypass does not mean its legal, it only means that the channel is not yet actively surveyed by RBI or its agencies. I would advise you, not to do it. There are plenty of other choices to trade like nifty, currency derivatives, etc. RBI will eventually know about it.

Imagine what would happen if you were "caught" 5 years later? Lets say you will have earned big money, bought a big house, married a hot babe, and fathered one cute baby.....and then...suddenly RBI comes to your doors and put you in the jail. Think about it! Why play with the law. Don't expect RBI to take this lightly. They will find you and screw you.

RBI is very strict even about activity in savings bank accounts. Try using a savings bank accounts for business transaction and see what happens. Do don't expect RBI to play dead.
 

ashu1234

Well-Known Member
#8
Ashu sir i m talking about debit cards not credit cards .
Yes sir, I'm aware of that. In terms of online processing of payment transaction there is no difference between International Debit Card and Credit Card. All which is required to punch in is 16 digit card number, expiry and CVV/CVC no.
So whenever you do any online transaction CCard and IntDcard are same.
 

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