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Forex Trading For Indian Residents

  • #1
  • First Post: Mar 5, 2011 10:45pm Mar 5, 2011 10:45pm
Hi,

I'm starting this topic to discuss about Forex Trading for Indian Residents,

Recently the RBI (Reserve Bank of India) have made a press release that forex trading is not permitted for indian residents.

Here are some quick links ..
http://www.rbi.org.in/scripts/BS_Pre...spx?prid=23941

http://articles.economictimes.indiat...-trade-portals

I would like some overview from Indian Traders who are trading from india about all this..

I would also like to know how to pay taxes for income from forex with light of these announcements from RBI. How do we pay the taxes from profits from forex, what do you guys do to pay taxes?

Thanks and i look forward to discussion about this...
Nick
To Your Success!!
  • #2
  • Mar 5, 2011 11:23pm Mar 5, 2011 11:23pm
Quoting ndsouz
I would like some overview from Indian Traders who are trading from india about all this..

I would also like to know how to pay taxes for income from forex with light of these announcements from RBI. How do we pay the taxes from profits from forex, what do you guys do to pay taxes?

Thanks and i look forward to discussion about this...
Nick
Broker FxCentral is advertising everywhere claiming to be the only authorized forex broker in India. This broker has many offices all over India and even funding and withdrawal is done in INR. It is taking retail clients also and how it becomes legal then is the question.
Even IBFX-Aus is promoting their BURU trader EA in India and tomorrow they have a meeting here in Bangalore. They are promising $100 free account for all new clients who attend the meet. How they mange it, I really wonder now.
"Put all your efforts in becoming effortless"
  • #3
  • Mar 6, 2011 12:24am Mar 6, 2011 12:24am
Quoting IamTHAT
Broker FxCentral is advertising everywhere claiming to be the only authorized forex broker in India. This broker has many offices all over India and even funding and withdrawal is done in INR. It is taking retail clients also and how it becomes legal then is the question.
Even IBFX-Aus is promoting their BURU trader EA in India and tomorrow they have a meeting here in Bangalore. They are promising $100 free account for all new clients who attend the meet. How they mange it, I really wonder now.
This RBI announcement is just recently on 21st feb this year. Maybe they are not aware of this..
To Your Success!!
  • #4
  • Mar 6, 2011 4:27pm Mar 6, 2011 4:27pm
This is weird...the India Rupee is on the verge of becoming a major currency. Why would India outlaw FX trading?

Anyway, I believe Alpari also has an office in India.
  • #5
  • Mar 13, 2011 12:25pm Mar 13, 2011 12:25pm
well the idea is to show it as an income rendered for some service abroad or as income from equity trading...
  • #6
  • Edited 7:25am Mar 15, 2011 7:10am | Edited 7:25am
Quoting ndsouz
Hi,

I'm starting this topic to discuss about Forex Trading for Indian Residents,

Recently the RBI (Reserve Bank of India) have made a press release that forex trading is not permitted for indian residents.

Here are some quick links ..
http://www.rbi.org.in/scripts/BS_Pre...spx?prid=23941

http://articles.economictimes.indiat...-trade-portals

I would like some overview from Indian Traders who are trading from india about all this..

I would also like to know how...
First of all let me congratulate you on starting this thread. Besides other things, if you post your trades it should make a great contribution to the Pockets of Indians who seek gains.
My solution to your queries : For the present. all who can transfer money to the Broker from outside sources should do so and start trading, make money and pay your "dues" by making Donations to "Help the Poor schemes". God will become your accountant and save you from hassles ! I am posting here a link from You Tube. It is from a CNN programme posted by a Malaysian follower of Islam - a proof that Religion has no place in inter-personal relationships - Help all who need help - should be the motto.

Wish you success and God-Speed !

The Link:


http://www.youtube.com/watch?v=y_3BEwpv0dM
  • #7
  • Oct 12, 2011 8:21am Oct 12, 2011 8:21am
Hello,

I'm from India and being new to this forum, am not allowed to start a thread yet.

I have a question about funding my Forex trading account.

The new RBI guidelines don't allow Indian banks to process wire transfers for the purpose of trading.

I'd like to know how you guys (Indian traders) fund your accounts?

Any info is greatly appreciated.

Thanks!

Usha
  • #8
  • Oct 12, 2011 10:45am Oct 12, 2011 10:45am
Quoting Oosha
Hello,

I'm from India and being new to this forum, am not allowed to start a thread yet.

I have a question about funding my Forex trading account.

The new RBI guidelines don't allow Indian banks to process wire transfers for the purpose of trading.

I'd like to know how you guys (Indian traders) fund your accounts?

Any info is greatly appreciated.

Thanks!

Usha
Use credit /debit cards or ecurrency for the funding
BEING PROFESSIONAL IS ALL ABOUT HOW YOU CONTROL FASTEST THING--UR MIND!
  • #9
  • Aug 19, 2012 5:11am Aug 19, 2012 5:11am
How to open and transfer money to a broker in US as a indian resident..........help plz
  • #10
  • Aug 20, 2012 8:20am Aug 20, 2012 8:20am
Some very Important questions which I expect FX Central Bosses to answer:
1) FX Central went overboard last year proclaiming to the world that they are the 1st Forex Broker to be approved by RBI They put this ad all over the net and on their website FXCentral.net. But now all that has been removed and they are very quiet. Why ? Did RBI warn them for misleading in India ?
2) Why is it that their website now does not feature on search engines easily wherein if you type FX Central now in google, you will not find the website easily ?
3) Previously they had all their India offices addresses and phone numbers on the website. But all that has now been removed all of a sudden and there are no India office details on their website. Why ?
4) Some of the firms and my individual friends dealing with FX Central have complained that they are facing payout issues from FX Central in recent times. Can the bosses here again comment on the assurances of payouts especially since the above points also exist.
FX Central bosses – For the clarity and confidence of the general public and restoration of your reputation and consumer confidence , we would request you to please answer the mentioned queries point to point.
All the above points 1 – 4 make FX Central a suspicious broker, unless the FX Central bosses clarify these points. Guys - If these are not clarified you can be sure that this is a fraud company. Do not risk your money
  • #11
  • Aug 20, 2012 12:26pm Aug 20, 2012 12:26pm
Recently, it was Malaysia, Now India. Which country is next? I think all these issues has to do with proper awareness and education about FX. Government or some countries have been allowing companies to mislead people about this wonder product particularly it's risk in nature have not been properly explain to interested individual before coming on board.
  • #12
  • Oct 30, 2013 2:50am Oct 30, 2013 2:50am
Quoting ndsouz
Hi, I'm starting this topic to discuss about Forex Trading for Indian Residents, Recently the RBI (Reserve Bank of India) have made a press release that forex trading is not permitted for indian residents. Here are some quick links .. http://www.rbi.org.in/scripts/BS_Pre...spx?prid=23941 http://articles.economictimes.indiat...-trade-portals I would like some overview from Indian Traders who are trading from india about all this.. I would also like to know how to pay taxes...

I am a forex trader, i have an idea to earn money through forex legally. If you want know more about to trade from India or to invest from India contact me I will take you with the safer side....
  • #13
  • Nov 13, 2013 12:45am Nov 13, 2013 12:45am
I m pretty sure it can't be done from India. RBI has recentely issued notices to banks from refusing to transfer such payments abroad....
  • #14
  • Nov 26, 2013 2:10am Nov 26, 2013 2:10am
There's always gonna be hurdles in whatever business an individual or small business wants to do in India. The laws are meant to stop people from doing lot of things and still they do it...and the govt. know about it as well (They make a rule and they leave some loopholes, its upto people to find them and utilize it effectively)

Can't say more on it; but the truth is that RBI don't want indian citizens to trade forex.
  • #15
  • Nov 26, 2013 2:48am Nov 26, 2013 2:48am
Can it be done by an Indian who is working in Singapore for the last 5 years???
  • #16
  • Nov 26, 2013 8:47pm Nov 26, 2013 8:47pm
Quoting dxnation
There's always gonna be hurdles in whatever business an individual or small business wants to do in India. The laws are meant to stop people from doing lot of things and still they do it...and the govt. know about it as well (They make a rule and they leave some loopholes, its upto people to find them and utilize it effectively) Can't say more on it; but the truth is that RBI don't want indian citizens to trade forex.

To my best knowledge RBI made that rule to protect the citizens from falling prey to brokers who promise high return by huge leverage.
  • #17
  • Nov 26, 2013 8:49pm Nov 26, 2013 8:49pm
Quoting itsthematrix
Can it be done by an Indian who is working in Singapore for the last 5 years???

If you are an NRI ( Non-resident Indian) you can open an account with any broker who permits FX trading in your residing country or elsewhere, since the RBI rule applies only for Resident Indians.
  • #18
  • Last Post: Sep 7, 2014 12:59pm Sep 7, 2014 12:59pm
Hi everyone,

I received a letter from HDFC bank stating that I had been using my credit card to carry out overseas forex trading transactions. They said my card's international credit limit will be zeroised and other actions will be taken if i dont reply. But I was using my credit card to deposit to Neteller, to play the game of online poker on sites like betfair, 888poker and bet365. I was asked to reply within 7 days with a mail stating the nature of these Neteller transactions. So I did reply to them through mail with all the proof that I was indeed using Neteller to play online poker games.

I haven't heard back from them still. My question is have I done something wrong (using credit card through Neteller to play poker) so that it could be considered as Overseas forex trading or Am I safe and I will be out of this?

Please reply soon since I'm worried

Regards,Pravin
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