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Forex trading is illegal in India? 29 replies

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Trading in India

  • #341
  • Jan 27, 2013 9:38pm Jan 27, 2013 9:38pm
Quoting TradeStar
But I heard that trading with a margin is illegal in India. Is this accurate?
Thanks
It is illegal to collect money for the purpose of FOREX trading in India according to RBI. There is no rules or guidelines mentioned specifically for individual traders. Once you have made a withdrawal make sure to pay the Income Tax(if applicable) which is completely legal, least not illegal
  • #342
  • Feb 14, 2013 2:50pm Feb 14, 2013 2:50pm
I AM from india , i want to use LR and moneybookers to fund account , how to get it .
do reply me
  • #343
  • May 30, 2013 6:41am May 30, 2013 6:41am
Friends,
Finally, what's the conclusion?! Currency trading by a Indian citizen in global is legal or illegal?
Forexlion, answer please!
  • #344
  • Jun 27, 2013 3:45am Jun 27, 2013 3:45am
Quoting Kcs321
Hello Guys, I am also from India, I prepared all the ground work for Forex Trading, but after learning about RBI note, I need to know, what is the best way to Deposit and Withdraw from FX account. Please suggest how you guys are doing the same

I would suggest you to contact admiral markets in my view they are very decent broker in india i'll very soon shift my account with them
  • #345
  • Jun 27, 2013 3:52am Jun 27, 2013 3:52am
Forex trading is illegal in India. If you still want to trade forex, try INR pairs available on NSE.
When Scalpers win, I lose and Vice varsa...
  • #346
  • Jun 27, 2013 3:58am Jun 27, 2013 3:58am
Quoting Goldflake
Forex trading is illegal in India. If you still want to trade forex, try INR pairs available on NSE.

i really don't understand what the hell regulators are doing there are plenty of brokers having office in india also they are advertising on a large scale you can find the advertiesment of Iforex on Times of India now we have a lot of people who are trading FX in india .
can u please provide any official link where trading in India is illegal
  • #347
  • Jun 27, 2013 5:32am Jun 27, 2013 5:32am
Indian nationals can transact USD2,00,000 including both in and out within one financial year and 2lac $ within one year are enough for living a luxirious life in India .
below is the link which states the above said limits
http://www.rbi.org.in/scripts/FAQView.aspx?Id=66
  • #348
  • Jun 27, 2013 5:47am Jun 27, 2013 5:47am
Hello Guys,

Im new in this thread and i been watching the pair USD/INR for a while. Any toughts? (price seems too high for me atm)
  • #349
  • Jun 27, 2013 6:08am Jun 27, 2013 6:08am
Quoting zOrO2kX
Hello Guys, Im new in this thread and i been watching the pair USD/INR for a while. Any toughts? (price seems too high for me atm)

IMO its not gonna stabilize soon if you are looking to buy wait for a pull back if you want to sell u better think twice reason being tapering asset purchase by FED
  • #350
  • Aug 29, 2013 11:02pm Aug 29, 2013 11:02pm
Can anyone tell me which tax form we need to fillup? Or do we need any trade license? Where to get it?
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #351
  • Aug 30, 2013 11:46am Aug 30, 2013 11:46am
Hi guys,
I wish to trade in Comex Gold and Silver, Can someone tell me how that can be done from India?

I see a lot of Indian traders in Gold threads but I am having a hard time figuring out the procedure. Any help would be much appreciated.
  • #352
  • Aug 31, 2013 1:55pm Aug 31, 2013 1:55pm
Quoting Sahilsri
Hi guys, I wish to trade in Comex Gold and Silver, Can someone tell me how that can be done from India? I see a lot of Indian traders in Gold threads but I am having a hard time figuring out the procedure. Any help would be much appreciated.
You can trade gold and other metals / energies in MCX exchange. It's open from morning 10 to night 11.30.

you cannot trade in comex from india unless you work for a prop trading firm.

you also cannot send money outside india for margin trading, you can however send money outside india to buy stocks w/o margin.

Please be very clear RBI/FEMA clearly says you cannot remit money offshore for margin trading,be it FOREX OTC or futures trading.

But if you move money outside india , it can be used for any purpose. RBI has no control once your money moves outside india.

So the only legal way to trade forex is if someone outside india open's a account and deposits the money and you can trade on that a/c and ask the a/c holder to remit the money back to india. However you can trade currency futures on MCX.
  • #353
  • Sep 10, 2013 1:37pm Sep 10, 2013 1:37pm
for money transfer to your broker outside india without remiitance issue......use electronic money portals like webmoney and moneybookers.

and to transfer money to webmoney and moneybookers account use online money exchanges like https://www.exchangezones.co.in https://www.earnpaisa.in
do google search like= sell or buy webmoney in india
you are the creator of your own destiny-Shivyog
  • #354
  • Dec 31, 2013 1:24pm Dec 31, 2013 1:24pm
To anyone out there. Is FX retail trading allowed in India currently or are the govt crooks still making it illegal?
  • #355
  • Dec 31, 2013 2:02pm Dec 31, 2013 2:02pm
Quoting Styngray
To anyone out there. Is FX retail trading allowed in India currently or are the govt crooks still making it illegal?
No its still not allowed.....people trade without rbi's knowledge.....and use legal sources to send and receive money.....
you are the creator of your own destiny-Shivyog
  • #356
  • Dec 31, 2013 8:08pm Dec 31, 2013 8:08pm
Figures that the govt crooks there will do anything to stifle growth except for themselves and their cronies. What legal sources does an Indian have to receive funds from fx proceeds. Direct bank deposits will surely be noticed by the crooks.
  • #357
  • Jan 1, 2014 8:07pm Jan 1, 2014 8:07pm
I used my Credit Card for funding my FX a/c, after a couple of times it stopped working, I knew it has something to do with policies.

Later I received a letter & couple of emails from my bank explaining RBI policies.
Hello World!
  • #358
  • Jan 1, 2014 8:14pm Jan 1, 2014 8:14pm
Quoting ClockTrader
I used my Credit Card for funding my FX a/c, after a couple of times it stopped working, I knew it has something to do with policies. Later I received a letter & couple of emails from my bank explaining RBI policies.
So what what do you trade over there as a retail trader?
  • #359
  • Jan 1, 2014 8:21pm Jan 1, 2014 8:21pm
Quoting Styngray
{quote} So what what do you trade over there as a retail trader?
Yes, individual level retail trades.
Hello World!
  • #360
  • May 6, 2014 6:24am May 6, 2014 6:24am
I received letter from Citibank stating cancellation of credit card due to FEMA regulations. Any suggestions
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