Unfortunate news for Indian forex traders.

[Fxbee]

There is no response to my query

 

[kstn2000]

recently say on 25 sept i did the remittance of 5000 usd for purpose of forex trading the HDFC bank never stopped me infact as per new forms they filled up the limit for remittance has been increased...........so no need to worry

 

[Rkji]

Savant Sir,
I just want more clearity.

Fxbee

being a moderator & trader is not easy at the same time, whenever SG has time he posts even midnight !

well, i could suggest to talk to hdfc & icici bank for yourself & refer to following accounts if i am not mistaken.

you will have a clearer vision or else try meditation

http://www.traderji.com/forex/45383-unfortunate-news-indian-forex-traders-3.html#post473335

regards
rishi

 

[Fxbee]

Fxbee

being a moderator & trader is not easy at the same time, whenever SG has time he posts even midnight !

well, i could suggest to talk to hdfc & icici bank for yourself & refer to following accounts if i am not mistaken.

you will have a clearer vision or else try meditation

http://www.traderji.com/forex/45383-unfortunate-news-indian-forex-traders-3.html#post473335

regards
rishi

Thanks for your help. I read Savant Sir's today's post abt stocks.
May be he has no time or does not want to clearify my query.
No disrespect, but i wonder why they are quiet on this issue.

 

[Fxbee]

Savant Sir,

Please solve my last query

Let's say i open Foreign currency Account with HDFC or banks with this facility. Then some one sends me a gift of 10K USD. Now I want to transfer this 10K USD to foreign ECN broker.

Should I wire transfer this amount to them?

If yes, will I be able to wire transfer this amount legally without any influence?

Does sending 10K USD gift from Indian foreign currency account to abroad falls under liberalised remittance scheme or under what law?


Savant sir, really thank you for your help! great work in this thread

With Best Regards
FxBee

wonder why there is no guidance on user friendly forum where traders help traders

 

[rajakrsnan]

It is better to trade with others rather than waste time discussing the intricacies of the RBI circulars and its implications. Knowing very well that is always against it, directly or indirectly through their statements one should not expect to have any kind of legal forex trading happening in India. the best way out is to seek it from other methods, however illegal it may seem to be. that is what most of the traders at present are doing. sooner or later this may have to be legalised as it cannot be simply banned as most bans were proved to be ineffective.

 

[SavantGarde]

Fxbee,

While you did a good job understanding the first time.....you didn't go through my reply in detail or with enough understanding.....

If you had read the post several times it would have clarified your doubts....

When I have stated that....

a) Indian citizen can have foreign currency account
b) if the foreign currency has accrued into the account by way of gift or through work....is of no concern to RBI how you choose to use it & strictures of RBI policy is only for currency where RBI worries about the outflow & inflow.

All you need to know is that 'How You Choose To Use Your Earnings or Gifts of Foreign Currency Does not affect India's Foreign Currency Reserves....

Word 'Remittance' has a wide sweep of meanings....therefore I shall choose not to use it in this case....

--------------------------------------------------------------------------

Governments make all sorts of rules....whether they hold up in a court of Law is a different ball game altogether.

Let's say I decide to keep all my earnings in cash..... who says that would be illegal.....

But there are certain statutes of the Law that does make it illegal....

Does it mean.... I can't argue the point that since it is my earning & I choose to keep it in cash because of safety concerns... & I don't trust any bank to keep it safely enough as I would in cash.

One has to read in between the lines as to why a certain law is enacted the way it has been....

Anyways it's a long explanation....perhaps another day to continue this conversation......

In the meantime.....you go ahead with whatever mode of transfer it does not amount to any sort of violation.

SavantGarde

wonder why there is no guidance on user friendly forum where traders help traders

 

[VJAY]

Nice thread...and IMO made a solution for currency trading...thanks savant sir....very helpfull clarifications.............

 

[Fxbee]

thank you Savant Sir,

today I had a meeting with HDFC Forex Manager and he said that HDFC does not allow Resident foreign currency accounts to Indian Residents. This facility is available to NRI. Can you tell which banks offer RFC A/c

thank you
Fxbee

 

[shobhitdalmia]

sir my name is shobhit dalmia and i am from delhi .what i think you all are right with this that legal or illegal .sir i have confirmed with 3 brokers and one CA that what is the funda of that so he replied that what rbi says remittance is not allowed but there is nothing mention that trading is not allowed .see i have opened a account with fxcm 2 years back they give me 200$ for opening .right now i have a good balance .so what the problem i just show to my return that income from others sources and income from forex trading .if IT department ask than i can show that the company gives me $200 usd than i started .so according to moderator " HE SAYS DO THE TRADING BUT FUNDS YOUR ACCOUNT BY DIFFERENT WAYS .MEANS BY OPENING ANOTHER ACCOUNT FX ACCOUNT OR DO IT BY MONEY BOOKERS OR GO TO SINGAPORE OR DUBAI AND OPEN A ACCOUNT AND START TRADING AND COME BACK TO INDIA WITH A VISA DEBIT CARD AND WITHDRAW YOUR MONEY IN INDIA .

SONT CONFUSE YOURSELF IN LEGAL OR ILLEGAL .BE THE PART OF IT .:thumb: