Trading in India | Page 16 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex trading is illegal in India? 29 replies

Trading someone else's account from India, please help 10 replies

Trading US Futures from India 5 replies

Brokers in India 0 replies

Attachments: Trading in India
Exit Attachments

Trading in India

  • #301
  • Mar 23, 2011 12:39am Mar 23, 2011 12:39am
Lets Talk aBt Eu guys..
Thiking for short ...PA looks strong for bear.
  • #302
  • Mar 23, 2011 6:37am Mar 23, 2011 6:37am
Quoting ohan
the fools running the country are self proclaimed saviours of common/average citizens of india and they dont trust them with their money. this they think will make indians less gullible for frauds. (so that they become more gullible to cricket betting run from yachts off shore, or nigerian spams or hawala king hasan ali let off on bail)
I dont know when they'd grow perhaps when some indian traders take them to an educational visit purported to learn trading by seeing waves produced by belly dancers.
Its very sad and hard to digest.. I have stopped trading NSE long back and demo trading forex, learned mql and thought I am all set to go for a live.

I think if forex allowed officially most of the NSE day traders will shift to forex eventually, because of leverage, mt4, etc. etc., thereby gov lose huge STT income through NSE.

Anyone thought of alternative ways to trade Fx. or Simply trade without much bothering?
Weigh well output the loss and gain And proper action ascertain
  • #303
  • Mar 24, 2011 9:58am Mar 24, 2011 9:58am
Quoting usasa
Its very sad and hard to digest.. ....... demo trading forex, learned mql and thought I am all set to go for a live.

........?
i've slogged for seven years learning it the hard way. Lost two mini accts. The market kicked me squarely on teeth and butt. i found myself lost but to fight back and the zeal to do it right kept me going. now continuously reading different set of rules posted by experienced and successful traders here on this board matured me to some extent. i find my third acct growing slowly. i funded it three years back thro paypal/cc

Quoting usasa
Its ......... thereby gov lose huge STT income through NSE.
.........
they can tax us if they want and not lose any income.

Quoting usasa
.............

Anyone thought of alternative ways to trade Fx. or Simply trade without much bothering?
why not write a letter to finance minister representing all the traders using online portals


Any resident indian person opening an acct with non-indian broker funding his deposit throgh legal means is aware of the disclaimer part and he is supposed to do his due-diligence.
In case if they lose the money to some fraudulent brokers its not a case with indans only there are cases of people from other countries as well losing money to brokers.

one more thing i wish to mention that RBI directive quoted the background of act as some cases of amateur indians traders (noobs with confidence of malcomb) opening their accts with broker heavily advertising on yahoo india page ( not seen these days) and losing money.
Now its not mentioned how they lost. Whether wrong trades or some ponzie scammer disguised as brokerage firm took the deposits and slunk with bounty.
if GoI is keen they can bring some order to brokers who set the shops instead declaring the fx trade as illegal.
i'm worried shit w/o committing a financial crime
Hope present PM/FM see some sense
Till then happy trading
  • #304
  • Mar 26, 2011 12:15am Mar 26, 2011 12:15am
Hi,

I am Trading from India. If forex fully allowed in india then a small groups of dominating brokers loose huge croud in NSE. They just fix a target and move the market up and down and make big money and makes others looser. As per my experience this forex is good and no one can't control it. If people trading in NSE feel the posite in forex then no one trade in NSE.
  • #305
  • Mar 27, 2011 6:31am Mar 27, 2011 6:31am
Hi,

Is all rules 100% followed in India. I am sure it is not. India is the place for all opportunity. If you take risk you can win. See the histroy people doing big financial froud got bail and feely living. They never punished. So that your can ignore the RBI instructions. I am sure lakhs of Indians already doing forex from year 2002.

Regards,
Guru.

Quoting sandeepkurne
Hello Friends. I just wanted to fetch attention of you all fellow Forex Traders towards the recent Forex Advisory released by the RBI. RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals can be found on the following link http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

According to this advisory remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. Thus,...
  • #306
  • Apr 10, 2011 6:29am Apr 10, 2011 6:29am
Quoting sandeepkurne
Hello Friends. I just wanted to fetch attention of you all fellow Forex Traders towards the recent Forex Advisory released by the RBI. RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals can be found on the following link http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

According to this advisory remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. Thus,...
This is really bad, why RBI issued such notice on feb this year to prohibit all kind of trading in foreign exchange. They must rethink pros and cons of such decisions
  • #307
  • May 4, 2011 6:33pm May 4, 2011 6:33pm
Dear friends..it is a bad news... anyway I have a question

I am an Indian resident.I am in to online forex trading with a foriegn broker. Say if I have a profit of 1 crore in the forex account abroad.Do I need to pay tax in India for that 1 crore? or If I transfer 20 lakh to my Indian savings bank account in a financial year from the forex account abroad, What will be my taxable income ?? 1 crore or 20 lakh ??
  • #308
  • Edited 8:17am Jun 3, 2011 7:24am | Edited 8:17am
Forex trading is no more allowed in India as per RBI. See circular here:http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

Date : 21 Feb 2011 RBI Advisory on Overseas Forex Trading through Electronic / Internet Trading Portals The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets.
Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time.
Background
The Reserve Bank had noticed advertisements issued by electronic / internet portals offering trading or investing in foreign exchange with guaranteed high returns. Many companies even engage agents who personally contact gullible people to undertake forex trading/ investment schemes and entice them with promises of disproportionate / exorbitant returns.
The Reserve Bank of India cautions the public not to remit or deposit money for such unauthorised transactions. The advice has become necessary in the wake of many residents falling prey to such tempting offers and losing money heavily in the recent past.

Alpana Killawala
Chief General Manager

Press Release : 2010-2011/1196
  • #309
  • Jun 19, 2011 3:53pm Jun 19, 2011 3:53pm
But now many portal promoting their Forex accounts on Indian websites to get more Indian in Forex Trading ???
Even after RBI notice....did people stop trading in Forex???
  • #310
  • Jul 1, 2011 1:23am Jul 1, 2011 1:23am
India is very major market for forex brokers. I think Indian government is trying to save its people from forex scam sites. So it is allowing only registered brokers to work. I think order of RBI is just a formal notification. It will not be strictly followed by anyone. Maybe professional institutes follow it but not individuals.
  • #311
  • Jul 1, 2011 1:41am Jul 1, 2011 1:41am
if fx trading is not allowed in india then how come fx giants like alpari is having its office in Mumbai? many more brokers have Indian projects in pipeline.
Trade responsiblypatience is the key/Swing trader
  • #312
  • Jul 1, 2011 4:32pm Jul 1, 2011 4:32pm
rite many brokers having offices set up in India .....but alpari pramoting forex in INR + 4 major currency.....but they are allowing to trade in other currency also .....even I tried to get more info but could not get it ...but one thing is sure U can trade in Forex from India ......that is what I wanted to confirm.
  • #313
  • Jul 12, 2011 9:23am Jul 12, 2011 9:23am
Hi guys,i'm in india.so what is the best way for deposit & withdrawal money to the brokers ?
i'm gonig to make my first deposit .can i use my visa card ,or moneybookers ..?
my broker accept master/visa,moneybookers and webmoney.
  • #314
  • Edited 7:03am Jul 13, 2011 6:40am | Edited 7:03am
today i confirmed the regulation of RBI and found fx trading in India is not allowed.people are not allowed to deposit or withdraw funds from India.

and if some body is catched trading in marginal instrument then he can get jailed and it is non bailable offence.
Trade responsiblypatience is the key/Swing trader
  • #315
  • Jul 13, 2011 10:10am Jul 13, 2011 10:10am
Can you confirm from where did you got that confirmation?
  • #316
  • Jul 13, 2011 10:21am Jul 13, 2011 10:21am
Quoting Pipananda
Can you confirm from where did you got that confirmation?
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

Check this link from RBI website.
  • #317
  • Jul 14, 2011 11:43am Jul 14, 2011 11:43am
----> the sirdarji's long gone
----> the ppl are posting that depressing notification of RBI

In this situation lets not feel defeated.

The RBI took initiative because some over enthusiastic people in a hurry to become millionaire fell prey to the flashy advertizements to become rich overnight and then went crying to nearest police station for the fraud.

There is only one word for such people ----> FOOLS

Indian Police and leaders have done one thing in their lives "How to mess up a thing"

I have following two things to put before you people

1) I'm preparing a representation to put the case before RBI. I'll be happy if you all sign on the email I propose to write to this lady Alpana Killawala
(Chief General Manager)

2) I have been trading long before this stupid act came to be known. I funded from the earnings from the legitimate means. I was also not feeling good about this.

What I suggest to circumvent this stupid act is to get in to currency futures and option trading also.

Dont ask me what it is. The more I read about it it looks simple and simpler than FX

What you can do is open an account with a broker who lets you do option/futures (together with fx if you want)

You can fund from and withdraw to an on-shore acct in India in such a case then

I wish to add lastly, do your due-diligence before starting with a broker

HAPPY TRADING to all

Ohan
  • #318
  • Jul 14, 2011 12:34pm Jul 14, 2011 12:34pm
yes some thing shud be done about this law.when whole world is moving towards open policies of economic welfare it is unfair for Indians to get jailed with some stupid law.
Trade responsiblypatience is the key/Swing trader
  • #319
  • Jul 14, 2011 2:36pm Jul 14, 2011 2:36pm
Quoting Incrediblle
yes some thing shud be done about this law.when whole world is moving towards open policies of economic welfare it is unfair for Indians to get jailed with some stupid law.
None is going to get jailed. its just precautionary like Ohan mentioned in his above reply.
Government policies after independence only favours business tycoons, government employees & ministers.

Nothing much has been done for mediocre & lower class. New policies arrive to demolish them. With every new yearly budget, its taken care of very seriously how to push mediocre to the lower class.
So i don't give a damn to them who don't realize their responsibilities towards their nation & people!

*Only enter the world of forex if you got some surplus money.
*First learn trading.
*Use low leverage.

That's it!
Hope
  • #320
  • Jul 14, 2011 5:05pm Jul 14, 2011 5:05pm
im going to india.

any free wifi any where near mathura?
0 traders viewing now