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Trading in India

  • #361
  • May 6, 2014 7:36am May 6, 2014 7:36am
Quoting rohitkat
I received letter from Citibank stating cancellation of credit card due to FEMA regulations. Any suggestions
Yes, you should have received warning letters before this.

Never used Indian bank's credit or ATM card online for Forex. Find a relative / friend overseas.
Hello World!
  • #362
  • Jul 28, 2014 7:57am Jul 28, 2014 7:57am
I have received a big letter from HDFC bank. I used my credit card to trade forex. In the last line of the letter they said "We would be constrained to zeroise the international credit limit on your card in next 10 days and take any other action as deem fit" Guy should I do now?? I'm very worried. They told me to explain if I did forex or not. If I say yes (Which is true) Will they jail me or fine me?? Please keep this post alive. Keep me updated. Btw I didn't took any action. I think my credit card just got banned. I don't mind at all. But will they fine me??
  • #363
  • Jul 28, 2014 11:07pm Jul 28, 2014 11:07pm
yes, i have received a letter from Citibank and got my credit card closed by bank stating FEMA regulations about two weeks back.

Serves us right for breaking the law.

All the people who thought RBI would not do anything since we are little fishes and now they have put the net and caught all the fishes.

Be ready to pay a hefty fine or face jail time.

Although i have read somewhere that it is a civil offense and not a criminal one , but i cannot confirm. Need a lawyer to confirm.

If it is a civil offense we will have to pay a fine of 3 times the amount used for Forex transaction.

your bank will submit all details of the transaction to RBI and RBI will probably send legal notices to everyone.

I always knew this was going to come back someday bite me in the ass hard.

FUCK ALL THOSE PEOPLE WHO SUGGESTED ITS ALRIGHT FOR INDIANS TO TRADE FOREX IN ANY AND ALL FORUMS.
  • #364
  • Jul 30, 2014 7:09am Jul 30, 2014 7:09am
Hi I am New in the Forex. I am trade in NSE ,MCX, as well as MCX- SX. But now I want to trade in Forex . Can I open an account for Forex trading or I forgot the idea of Forex trading . I am downloads some demo account s from the broker . but give me some direction on it
  • #365
  • Jul 30, 2014 7:44am Jul 30, 2014 7:44am
Quoting VikasK
Hi I am New in the Forex. I am trade in NSE ,MCX, as well as MCX- SX. But now I want to trade in Forex . Can I open an account for Forex trading or I forgot the idea of Forex trading . I am downloads some demo account s from the broker . but give me some direction on it
You cannot trade FOREX from india. It is ILLEGAL.

Trade currency futures in MCX-SX
  • #366
  • Jul 30, 2014 8:27am Jul 30, 2014 8:27am
Quoting zamfir
{quote} You cannot trade FOREX from india. It is ILLEGAL. Trade currency futures in MCX-SX
Thanks For reply
  • #367
  • Jul 30, 2014 9:02am Jul 30, 2014 9:02am
I am sure it must be illegal and only tthe pro crooks are doing it. Trading futures is more difficult than the fx cash market. Too much crap going on. Rather just enter trades for years on auto pilot.
  • #368
  • Jul 30, 2014 9:18am Jul 30, 2014 9:18am
Quoting VikasK
Hi I am New in the Forex. I am trade in NSE ,MCX, as well as MCX- SX. But now I want to trade in Forex . Can I open an account for Forex trading or I forgot the idea of Forex trading . I am downloads some demo account s from the broker . but give me some direction on it
If U use any bank account debit or credit card they will find you .. otherwise u can trade in forex in use of some e-currencies providers u can find them in ur town ...
u can find more indian brokerage .. but carefull with them
forex is illegal in india but what abt alphari india ??? indian government dont take legal action against big companies or big persons ... only they caught small peoples its always done here ...

u can do wise or u will be busted thats the main thing in india ...


and so inportant there are so many whitelabel companies in india with local address registered what about them they go to jail ha ? no ...
  • #369
  • Jul 30, 2014 9:48am Jul 30, 2014 9:48am
Quoting DifferTrader
{quote} If U use any bank account debit or credit card they will find you .. otherwise u can trade in forex in use of some e-currencies providers u can find them in ur town ... u can find more indian brokerage .. but carefull with them forex is illegal in india but what abt alphari india ??? indian government dont take legal action against big companies or big persons ... only they caught small peoples its always done here ... u can do wise or u will be busted thats the main thing in india ... and so inportant there are so many whitelabel companies...
Can you says e currency providers like Paypal ,Payza, Okpay.
  • #370
  • Jul 30, 2014 2:08pm Jul 30, 2014 2:08pm
https://www.exchangezones.co.in
you are the creator of your own destiny-Shivyog
  • #371
  • Jul 31, 2014 8:04am Jul 31, 2014 8:04am
Quoting lsolanki
https://www.exchangezones.co.in
But I already have a Paypal account and from this account I can transact some money then why I open an account to exchange-zone . Can I use this account to transfer the fund to Forex broker or its risky to pay the Forex broker like credit card or debit card . Can government found where is the money used which I transact
  • #372
  • Jul 31, 2014 8:15am Jul 31, 2014 8:15am
Quoting VikasK
{quote} But I already have a Paypal account and from this account I can transact some money then why I open an account to exchange-zone . Can I use this account to transfer the fund to Forex broker or its risky to pay the Forex broker like credit card or debit card . Can government found where is the money used which I transact

Be careful if RBI instructs paypal or exchange-zone to block all accounts which do FOREX transaction , your paypal a/c will be blocked and frozen and they will forward all details to RBI.

It is now very very risky to trade FOREX even using paypal or any other means from india.

If you have some relatives or friends outside india, ask them to open a FOREX a/c and you can trade safely.

Do not risk trading FOREX from india, you never know when paypal or any other e-currency a/c will be blocked. RBI is very well aware that people use paypal and other e-currencies to trade FOREX.

Note that if paypal has to do business in India , they have to follow the law here in India.
  • #373
  • Aug 2, 2014 12:21pm Aug 2, 2014 12:21pm
you can trade in zulutrade with demo account as signal provider and earn money without sending any money or vioalting Fema
you are the creator of your own destiny-Shivyog
  • #374
  • Aug 2, 2014 12:35pm Aug 2, 2014 12:35pm
my suggestion is trade with XTB whose office is at Mumbai... u can directly deposit cash in their account ..
  • #375
  • Aug 2, 2014 11:52pm Aug 2, 2014 11:52pm
Quoting smile
my suggestion is trade with XTB whose office is at Mumbai... u can directly deposit cash in their account ..
and when they will shut down , you cash will be gone.

Please don't give bad suggestions and get people in trouble . if you can't help and don't say anything at all.

It's because of smart asses like you that people get into trouble.

THERE IS NO LEGAL WAY TO TRADE FOREX FROM INDIA. DEAL WITH IT.
  • #376
  • Aug 3, 2014 12:29am Aug 3, 2014 12:29am
Quoting zamfir
{quote} and when they will shut down , you cash will be gone. Please don't give bad suggestions and get people in trouble . if you can't help and don't say anything at all. It's because of smart asses like you that people get into trouble. THERE IS NO LEGAL WAY TO TRADE FOREX FROM INDIA. DEAL WITH IT.
>THERE IS NO LEGAL WAY TO TRADE FOREX FROM INDIA. DEAL WITH IT.

Well said!
Hello World!
  • #377
  • Aug 3, 2014 5:32am Aug 3, 2014 5:32am
most of the broker run away . I am looking for a friend in abroad through which i can trade currencies for the time being i make analysis in XAU/usd and trade on mcx .
  • #378
  • Aug 3, 2014 6:43am Aug 3, 2014 6:43am
Hi everyone,

Even 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,
Srinivas
  • #379
  • Aug 3, 2014 10:27am Aug 3, 2014 10:27am
Quoting srinivas1989
Hi everyone, Even 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...
Transferring funds for online betting and gaming is banned too.
A trade should be based on an assumption based on facts
  • #380
  • Aug 3, 2014 10:53am Aug 3, 2014 10:53am
What about if we transfer money from CC to entropay to skrill and then into our forex broker?
just curious to know.

Yudi
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