Unfortunate news for Indian forex traders.

#11
How an answer in affirmative....help with what is being discussed here... people are curious about many things...including whether I have 10 wives

SavantGarde
Did you miss the last two words of my post "just curious' ? I think it meant I was just curious to know the fact whether you are in the same boat like us or not. coz an NRI is treated a bit differently by Indian laws in comparison to resident Indians.
 

SavantGarde

Well-Known Member
#13
My friend you missed the essence of my earlier post....

It was to highlight inspite of the specifics mentioned in the new policy there is no change as such to a FX trader if he/she wants to Trade abroad or with a foreign broker.....

Only reason....for the new specifics stems only from pushing unsuspecting gullible FX traders to our local exchanges....where they have to part with an arm & a leg to pay for the brokerages charged...by the local ripoffs.

In all honesty I would have answered to your curiosity.... once again, if it helped the discussion here....

Anyways, your curious query was raised by another member here & it has been answered previously.


SavantGarde

Did you miss the last two words of my post "just curious' ? I think it meant I was just curious to know the fact whether you are in the same boat like us or not. coz an NRI is treated a bit differently by Indian laws in comparison to resident Indians.
 
#14
I suggest you read the previous policy where it is clearly mentioned 'Remittances From India For Margin Trading & Margin Are Not Allowed' When you examine the policy statement it would include FX.

Now, let me clarify a few things

a) Remittances From India Does Not Mean if you have earnings or somebody gives you foreign exchange that can't be used for funding

b) It does not state that Indians cannot trade FX

In short it means there can't be outflow of foreign exchange for FX trading or Margin call from India

Suggest you check the eaqrlier policy of RBI & the link is somewhere in the FX Forum....here in another thread


SavantGarde
Savant Sir,
I have read the another thread & the previous RBI circulars. I have been trading forex for last 3yrs & also have account with alpari & some other fx brokers.
Your post has only created more confusion. You have not mentioned clearly which of the forex brokers allow local funding option. There are few who does this but by all means its illegal.
Only opening with regulated brokers seems prudent. But i am not sure how can you open with them without outflow of foreign exchange, which has been clearly mentioned as prohibited by RBI.
Thats why leading players like Interactive Brokers & Man Financial never allowed it to indian residents.
Thnx
 

SavantGarde

Well-Known Member
#15
If you do not understand policy statements and what it means...there is not much I can do about it....

Try to Understand this single statement: 'Remittances From INDIA' and everything will fall into place.

When I said about foreign brokers having local offices... I did not mean they are taking local funding....it starts off with support centers...and depending on policy....it may become viable for them to take local funding in future.

There is nothing confusing about anything... moreover if you have been trading for last 3 years....with various FXCMs....then what are you worried about.....speak to your brokers as what they would do to stay in India and not break the law....


SavantGarde

Savant Sir,
I have read the another thread & the previous RBI circulars. I have been trading forex for last 3yrs & also have account with alpari & some other fx brokers.
Your post has only created more confusion. You have not mentioned clearly which of the forex brokers allow local funding option. There are few who does this but by all means its illegal.
Only opening with regulated brokers seems prudent. But i am not sure how can you open with them without outflow of foreign exchange, which has been clearly mentioned as prohibited by RBI.
Thats why leading players like Interactive Brokers & Man Financial never allowed it to indian residents.
Thnx
 
#16
If you do not understand policy statements and what it means...there is not much I can do about it....

Try to Understand this single statement: 'Remittances From INDIA' and everything will fall into place.

When I said about foreign brokers having local offices... I did not mean they are taking local funding....it starts off with support centers...and depending on policy....it may become viable for them to take local funding in future.

There is nothing confusing about anything... moreover if you have been trading for last 3 years....with various FXCMs....then what are you worried about.....speak to your brokers as what they would do to stay in India and not break the law....


SavantGarde
"Remittances from India"- thats the only way you can fund Alpari account, which has been prohibited.
Btw, i have sent email to alpari regarding this query. Lets see how they reply.
:)
 

SavantGarde

Well-Known Member
#17
Alpari is present in many countries including India....you think their presence in India is a fly by night operation....

Speak to them about RBI policy...you will get first hand knowledge....of the loopholes


SavantGarde
 

SavantGarde

Well-Known Member
#18
I dont know about your funding...

There are facilties provided to Indian citizens to have foreign currency accounts....apart from that they can also buy property abroad limited to an 'x' amount per year per person....there are many other benefits.

Can't say anything specific about your own funding.

Your sweeping statement is a grave error when you say 'thats the only way you can fund Alpari Account' by the way remittances need not only be from India....


SavantGarde

"Remittances from India"- thats the only way you can fund Alpari account, which has been prohibited.
Btw, i have sent email to alpari regarding this query. Lets see how they reply.
:)
 
#19
I dont know about your funding...

There are facilties provided to Indian citizens to have foreign currency accounts....apart from that they can also buy property abroad limited to an 'x' amount per year per person....there are many other benefits.

Can't say anything specific about your own funding.


SavantGarde
sir,
again you are creating confusion. Foreign Currency accounts are altogether different issue. Also buying property abroad upto 2000000$ is allowed.
But Forex trading is different. How can you trade without funding the account?
From where else can an Indian Resident like me Remit the money?
 

SavantGarde

Well-Known Member
#20
Forget about all that I have posted....if it is confusing you so much....not going to elaborate anymore

Firstly I hate typing...and then for this little thing I have to type...so much is not something Iam enjoying it anymore...just disregard my posts


SavantGarde

sir,
again you are creating confusion. Foreign Currency accounts are altogether different issue. Also buying property abroad upto 2000000$ is allowed.
But Forex trading is different. How can you trade without funding the account?
From where else can an Indian Resident like me Remit the money?