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Forex trading is illegal in India? 29 replies

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Trading in India

  • #381
  • Aug 3, 2014 11:12pm Aug 3, 2014 11:12pm
Quoting Yudi1354
What about if we transfer money from CC to entropay to skrill and then into our forex broker? just curious to know. Yudi
RBI is going after paypal and skrill like sites to track down indians who trade forex. So no use.

One fine day your paypal or skrill account will be closed just like your credit card.

Like i said there is no legal way to trade forex from india.

Until FEMA act changes , there is nothing we can do.

if you have any friends or relative outside India or move outside india to US/EU , that is the only way you can trade FOREX.

Even Interactive Brokers(IB) has a office in india and i asked them if i can trade US futures / commodities by opening a margin account and they said it is up to the customer to take the risk of trading a margin account from India. They really don't care about the laws even after i told them specifically about FEMA and asked them if it is legal to open a margin account. They were acting dumb about it and said its up to the customer. That's how the FOREX brokers are operating in India and now RBI will come down hard on them and they will all shut down retail business because of the penalties they will have to pay.

If you are a broker and you want to do business in any country you must know the laws of that country which the legal dept will do , but these idiot brokers act dumb just to get your money and trade with them so they can get some commission. Fucking idiots i tell you.
  • #382
  • Aug 4, 2014 12:27am Aug 4, 2014 12:27am
Quoting zamfir
{quote} RBI is going after paypal and skrill like sites to track down indians who trade forex. So no use. One fine day your paypal or skrill account will be closed just like your credit card. Like i said there is no legal way to trade forex from india. Until FEMA act changes , there is nothing we can do. if you have any friends or relative outside India or move outside india to US/EU , that is the only way you can trade FOREX. Even Interactive Brokers(IB) has a office in india and i asked them if i can trade US futures / commodities by opening a...
That means in our country(India) Forex is illegal. why the government is allow the Forex broker opening there offices in India why not he ban on it . So the our government confuse us .One way he said to open account in Forex brokers ,the offices are in India and other way said by FEMA the Forex is illegal . how the rbi deal with
  • #383
  • Aug 4, 2014 12:59am Aug 4, 2014 12:59am
Quoting VikasK
{quote} That means in our country(India) Forex is illegal. why the government is allow the Forex broker opening there offices in India why not he ban on it . So the our government confuse us .One way he said to open account in Forex brokers ,the offices are in India and other way said by FEMA the Forex is illegal . how the rbi deal with
The RBI and Govt are both aware of the illegal FOREX brokers operating in India. They do not have the will power or the resources to act against them , but that doesn't mean they won't take any action now or in future.

Look at it this way , up until now congress was in power and they and RBI did not act against people who traded in forex. I closed my forex account back in 2013 and after one year they took action(BJP in power now) and now everyone who used their CC for FOREX transaction have their cards blocked and have to pay fine.

So you don't know when they will get shutdown , depends on when RBI or govt decide to take action against them. It can happen any day and when that day comes all the people having account with them will cry and say i was not aware of the laws and no excuse will help them get their money back. All they can do then is cry and learn a lesson not to break the laws.
  • #384
  • Aug 4, 2014 4:04am Aug 4, 2014 4:04am
Does any one here ever read the Fema Act ? Just asking

You have 3 choices :
a) respect the law : don't trade forex because it's illegal
b) violate the law : you take the risk of being caught and deal with the consequences
c) take action to legally trade forex in india

You have more than one legal means to the third alternative.

GL guys I really do love your country (including your red tape administration ) .
Don't be smart. Be rich.
  • #385
  • Oct 26, 2014 8:00pm Oct 26, 2014 8:00pm
Hi guys,

Good to see this thread in this forum. Please keep this thread alive, I am from India(New Delhi) and trading forex is a lonely business. I would defintely like to be in touch with all Indian traders and would like to hear about there trading experiences.

Regards,
Ravs
  • #386
  • Nov 17, 2014 6:33pm Nov 17, 2014 6:33pm
Quoting maximinus
Does any one here ever read the Fema Act ? Just asking You have 3 choices : a) respect the law : don't trade forex because it's illegal b) violate the law : you take the risk of being caught and deal with the consequences c) take action to legally trade forex in india You have more than one legal means to the third alternative. GL guys I really do love your country (including your red tape administration ) .
Hi I've been trying to contact PMO to legal this stuff in India! I'm trying my best and I hope it works!
Money never sleeps I can hear the dollar calling me
  • #387
  • Nov 19, 2014 12:37am Nov 19, 2014 12:37am
Quoting ravs_avs
Hi guys, Good to see this thread in this forum. Please keep this thread alive, I am from India(New Delhi) and trading forex is a lonely business. I would defintely like to be in touch with all Indian traders and would like to hear about there trading experiences. Regards, Ravs
Hi,
Is the network growing?
A trade should be based on an assumption based on facts
  • #388
  • Nov 20, 2014 11:29pm Nov 20, 2014 11:29pm
i have a big question even though if we wont invest indian ruppee for trading

and if we use our contest winnings will it be problem while withdraw to india?
because in this way there is no harm to indian economy as i feel
  • #389
  • Nov 21, 2014 5:19pm Nov 21, 2014 5:19pm
Quoting shivam332
{quote} Hi I've been trying to contact PMO to legal this stuff in India! I'm trying my best and I hope it works!
how do you doing this. We all should do this.
  • #390
  • Nov 21, 2014 6:10pm Nov 21, 2014 6:10pm
Quoting cobracoder
{quote} how do you doing this. We all should do this.
All I can say is I'm trying my best and I hope it works!
I have lots of expectations from Modi Gov. Soon will keep you posted about the updates.
Cheers.
Money never sleeps I can hear the dollar calling me
  • #391
  • Nov 21, 2014 11:50pm Nov 21, 2014 11:50pm
Forget it guys, Modi govt had actually made it worse.

FEMA act will not be revised ever. INR is simply not strong enough to match other internationally traded currencies and it will be kept intentionally weak like the chinese CNY.

It will simply not happen in our lifetime.

Either find someone outside to fund a reputed forex broker and trade or go and work for a prop shop that trades FOREX.
  • #392
  • Nov 22, 2014 8:05am Nov 22, 2014 8:05am
Quoting zamfir
Forget it guys, Modi govt had actually made it worse. FEMA act will not be revised ever. INR is simply not strong enough to match other internationally traded currencies and it will be kept intentionally weak like the chinese CNY. It will simply not happen in our lifetime. Either find someone outside to fund a reputed forex broker and trade or go and work for a prop shop that trades FOREX.
Most of the full time traders who are trading successfully don't want to work but only want to trade forex. Yes, you're right INR is simply not strong enough at the moment but I I will still try my best to make this thing legal. I heard some of the people saying INR will be safe haven in coming years lol that's not possible lol.
Anyway, do you know what are the punishments or penalties if anyone get caught trading forex with big amount of money??
Money never sleeps I can hear the dollar calling me
  • #393
  • Nov 22, 2014 8:22am Nov 22, 2014 8:22am
Quoting shivam332
{quote} Most of the full time traders who are trading successfully don't want to work but only want to trade forex. Yes, you're right INR is simply not strong enough at the moment but I I will still try my best to make this thing legal. I heard some of the people saying INR will be safe haven in coming years lol that's not possible lol. Anyway, do you know what are the punishments or penalties if anyone get caught trading forex with big amount of money??
I have checked with lawyers, they say it not a criminal offense but a civil one. The penalties will be decided by judge of the concerned civil court.

It cannot be made legal. If it is INR will become very weak the next day. Everyone will put their money in USD or GBP. So there is no way in heaven or hell it will become legal. Not for another 200 yrs maybe. By then if INR is strong as compared to USD/GBP , then they may consider to make it legal.

How in the world can INR be a safe heaven. People must be really stupid if they think that. They are not aware of the ground realities.

Anyways, i hope you find someway to trade forex legally , may be move out of India.
  • #394
  • Edited 8:41am Nov 22, 2014 8:30am | Edited 8:41am
Quoting shivam332
{quote} Hi I've been trying to contact PMO to legal this stuff in India! I'm trying my best and I hope it works!
It's heartening to see young people in action to see change in the society . Good luck. But I'll not bet to receive any meaningful result from the PMO unless you have some relatives working Race course road.

Quoting zamfir
Forget it guys, Modi govt had actually made it worse. FEMA act will not be revised ever.
Sure, 1billion indians will short the Gandhi note like hell against everything

Quoting zamfir
{quote} I have checked with lawyers, they say it not a criminal offense but a civil one. The penalties will be decided by judge of the concerned civil court. It cannot be made legal.
Then, it's time to change your lawyer and try to find out one with a creative mind.
Don't be smart. Be rich.
  • #395
  • Nov 22, 2014 9:03am Nov 22, 2014 9:03am
Quoting maximinus
{quote} It's heartening to see young people in action to see change in the society . Good luck. But I'll not bet to receive any meaningful result from the PMO unless you have some relatives working Race course road. {quote} Sure, 1billion indians will short the Gandhi note like hell against everything {quote} Then, it's time to change your lawyer and try to find out one with a creative mind.

They sure will if they get a chance. Why do you think indians buy more gold and silver than any other country, its not just cultural reasons , but the fact that INR is getting weaker and weaker. Once upon a time INR was strong and almost equal to GBP, but in 60 yrs of Ghandis rule has systematically destroyed the currency value and of course the country. This election they were wiped out clean by the people. Also please don't take my statements out of context. I said in another 200 yrs we will be strong, so there is hope.

About lawyers , they really can't do much against the govt/central bank laws. if you break their laws , you will be served. Of courser if you have the money you can get away by breaking the laws.
  • #396
  • Nov 22, 2014 9:11am Nov 22, 2014 9:11am
Quoting zamfir
{quote} They sure will if they get a chance. Why do you think indians buy more gold and silver than any other country, its not just cultural reasons , but the fact that INR is getting weaker and weaker. Once upon a time INR was strong and almost equal to GBP, but in 60 yrs of Ghandis rule has systematically destroyed the currency value and of course the country. This election they were wiped out clean by the people. Also please don't take my statements out of context. I said in another 200 yrs we will be strong, so there is hope. About lawyers...
You are a little bit unfair with the congress, but shhhh, no politics

You are pretty wrong on this point. Read my first post in this thread, I gave the solution in the point C.
Don't be smart. Be rich.
  • #397
  • Nov 22, 2014 9:21am Nov 22, 2014 9:21am
Quoting maximinus
{quote} You are a little bit unfair with the congress, but shhhh, no politics You are pretty wrong on this point. Read my first post in this thread, I gave the solution in the point C.
I m unfair with congress. good joke mate. Sure i don't want to discuss politics , i was just making it a point as to who was responsible for making it weak.

I m wrong on what point? I don't see anything wrong i have written.

In India , lawyers or laws don't work the same way they do in western countries. May be you should come down to India and help us make forex trading legal, since you are so creative with laws
  • #398
  • Nov 22, 2014 9:37am Nov 22, 2014 9:37am
Quoting zamfir
{quote} I m unfair with congress. good joke mate. Sure i don't want to discuss politics , i was just making it a point as to who was responsible for making it weak. I m wrong on what point? I don't see anything wrong i have written. In India , lawyers or laws don't work the same way they do in western countries. May be you should come down to India and help us make forex trading legal, since you are so creative with laws
No need for me to come down to India and Indians don't need my help. You have top lawyers in your country even some of the best legal minds in the world are from India, it's just a pity that you ignore that.
I stand by what I said :
A)Yes, trading forex is illegal in India.
B) If you trade forex in India, you violate the law : you take the risk of being caught and deal with the consequences
C) Take action to legally trade forex in india

Can you see the huge difference between you and shivam332

He actually has taken action and you not. Be assured that in due time, I'll guide him.

The following extracts :"In India , lawyers or laws don't work the same way they do in western countries." shows your whole ignorance on your own legal system and history.

But hey who am I to judge ? And of course no one in india trades forex legally, you are a complete joke
Don't be smart. Be rich.
  • #399
  • Nov 22, 2014 9:45am Nov 22, 2014 9:45am
Quoting maximinus
{quote} No need for me to come down to India and Indians don't need my help. You have top lawyers in your country even some of the best legal minds in the world are from India, it's just a pity that you ignore that. I stand by what I said : A)Yes, trading forex is illegal in India. B) If you trade forex in India, you violate the law : you take the risk of being caught and deal with the consequences C) Take action to legally trade forex in india Can you see the huge difference between you and shivam332 He actually has taken step and you not. Be assured...
Ok lets end it here. I don't want to get into fights with ignorant people.

you have no idea what and how India works. you have never lived in India. so please don't tell us Indians how to get things done here.

About shivam , he is living in a fantasy world if he thinks the govt/RBI will listen to him. Sorry shivam , but its the reality.
  • #400
  • Nov 22, 2014 9:50am Nov 22, 2014 9:50am
Quoting zamfir
{quote} Ok lets end it here. I don't want to get into fights with ignorant people. you have no idea what and how India works. you have never lived in India. so please don't tell us Indians how to get things done here. About shivam , he is living in a fantasy world if he thinks the govt/RBI will listen to him. Sorry shivam , but its the reality.
I'm the ignorant now. You are really a comic. What is wrong in my statement. Enlighten me, tell me how and what is different in your legal system compared to the western systems. You are not simply ignorant. YOU ARE ABSOLUTELY IGNORANT.
Don't be smart. Be rich.
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