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  • #401
  • Nov 22, 2014 9:57am Nov 22, 2014 9:57am
Quoting maximinus
{quote} 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.
you should come to india for at least 5 yrs and experience it for yourself and then come here and write the same thing. I will become your slave. I will give it to you in writing.

Do you accept the challenge?
  • #402
  • Nov 22, 2014 10:09am Nov 22, 2014 10:09am
Quoting zamfir
{quote} you should come to india for at least 5 yrs and experience it for yourself and then come here and write the same thing. I will become your slave. I will give it to you in writing. Do you accept the challenge?
Dude the main subject is : is it or not possible to trade forex in india ?
I gave my answer at that question in my first post in this thread and I stand by what I said.

Then you have said that I'm ignorant and that I do know nothing about your legal system, a system you pretend being totally different to western system.
I've asked you to point me how and what is different between your pretended indian legal system and western system. You are not able to answer this because your legal knowledge is under ZERO and specifically on your own legal system.

Sure I accept your bet, and will take the challenge when and if I need a slave. By proposing this bet you reckon that you have a slave nature and surely you are. I prefer to discuss with free and progressive mind, those who make possible what slaves think impossible.

Go get some instruction.
Don't be smart. Be rich.
  • #403
  • Nov 22, 2014 10:16am Nov 22, 2014 10:16am
Quoting maximinus
{quote} Dude the main subject is : is it or not possible to trade forex in india ? I gave my answer at that question in my first post in this thread and I stand by what I said. Then you have said that I'm ignorant and that I do know nothing about your legal system, a system you pretend being totally different to western system. I've asked you to point me how and what is different between your pretended indian legal system and western system. You are not able to answer this because your legal knowledge is under ZERO and specifically on your own legal...
. This guy is living in a fantasy world..

He thinks he has given a answer to the op's question.
  • #404
  • Nov 22, 2014 10:26am Nov 22, 2014 10:26am
Quoting zamfir
{quote} . This guy is living in a fantasy world.. He thinks he has given a answer to the op's question.
Come on dude, it's a legal question. We need to find a legal solution not smileys.

So, go read the FEMA act, if you learned to read. If you have not learned to read legal texts, it's time to get some instructions it's never too late.
And if lawyers that your have consulted told you that' not possible. Then believe that it's not possible or change and find out a lawyer with a creative mind who will make it possible for you to trade forex in india.
There are people who trade forex legally in India.
Don't be smart. Be rich.
  • #405
  • Nov 22, 2014 10:36am Nov 22, 2014 10:36am
Quoting maximinus
{quote} Come on dude, it's a legal question. We need to find a legal answer not smileys. So, go read the FEMA act, if you learned to read. If you have not, it's time to get some instructions it's never too late. And if lawyers that your have consulted told you that' not possible. Then believe that it's not possible or change and find out a lawyer with a creative mind who will make it possible for you to trade forex in india.
Since you have decided to come back to the topic.

i have read the FEMA act. My bank closed my card a/c due to FEMA violations. So i know very well what it has to say about the legality.

There are not enough forex traders in india to make for a push to change in the laws and it is not in the best interest of the govt to change it either.

I never said it not going to happen, I said it will happen in few hundred years. This is what i said earlier but you took it out of context and this battle started.

Also i can't find these "lawyers with a creative mind".. Please let me know if you know any lawyer who is creative otherwise don't talk about it.
  • #406
  • Nov 22, 2014 10:47am Nov 22, 2014 10:47am
Quoting zamfir
{quote} Since you have decided to come back to the topic. i have read the FEMA act. My bank closed my card a/c due to FEMA violations. So i know very well what it has to say about the legality. There are not enough forex traders in india to make for a push to change in the laws and it is not in the best interest of the govt to change it either. I never said it not going to happen, I said it will happen in few hundred years. This is what i said earlier but you took it out of context and this battle started. Also i can't find these "lawyers with a...
You are the one who deviated from the topic not me. I gave you a new chance to center the discussion on the topic and make progress, that's not the other way round.

Your bank was right to close you card because you violated the Fema act. See points A and B in my initial post.

Now you have the choice between considering me :
1) as the clown of the service and one who ignores everything about your legal systeme and leaving in a fantasy world;
or
2) maybe he really wants to help us and in that case please refer to the point C of my initial post.

I understand that if you are not lawyer, what I'm stating in point A and C may appears to you and non lawyers as completely contradictory. But this is not a contradiction, it is a legal niceties.

Consult a good lawyer, he will tell you how to proceed.
Don't be smart. Be rich.
  • #407
  • Nov 22, 2014 10:57am Nov 22, 2014 10:57am
Quoting maximinus
{quote} You are the one who deviated from the topic not me. Good we can make progress. Your bank was right to close you card because you violated the Fema act. See the A and B points in my initial post. Now you have the choice between considering me : 1) as the clown of the service and one who ignores everything about your legal systeme and leaving in a fantasy world; or 2) maybe he really wants to help us and in that case please refer to the point C of my initial post. I understand that if you are not lawyer, what I'm stating in point A and C may...
Coming back to your point C. It just a generally suggestion , not a answer or a solution.

About consulting a good lawyer in india - If this really worked out. We would all be trading forex in some legal way by now and OP would not have to post this question. There may be some legal ways of doing it by finding some loopholes in the laws , but that is not how it should be.

I understand your concern and appreciate your effort to take an interest in this topic.

But for now there is no real solution to this problem, unless you can give some concrete steps that help, instead of general suggestions.
  • #408
  • Nov 22, 2014 11:14am Nov 22, 2014 11:14am
Quoting zamfir
{quote} Coming back to your point C. It just a generally suggestion , not a answer or a solution. About consulting a good lawyer in india - If this really worked out. We would all be trading forex in some legal way by now and OP would not have to post this question. There may be some legal ways of doing it by finding some loopholes in the laws , but that is not how it should be. I understand your concern and appreciate your effort to take an interest in this topic. But for now there is no real solution to this problem, unless you can give...
Subtelties and nuances are not your strong point

You know that your government can not make it easy for everyone to trade forex, we agreed on what will happen if that was the case :
Fucking 1billion indians will short the rupee against everything in the world.

So the government (be it Congress or BJP) have to make it legal for some happy fews and keep it illegal for the crowd, that's the object and goal of the Fema Act.

So you need to read again the Fema Act with one question in your mind : what step should I take for trading forex legally in india? You will find the answer.

For Everyone the solution is in the Fema Act. Go and read it with the object of finding the answer to the question.
Don't be smart. Be rich.
  • #409
  • Nov 22, 2014 11:21am Nov 22, 2014 11:21am
Quoting zamfir
{quote} Coming back to your point C. It just a generally suggestion , not a answer or a solution. About consulting a good lawyer in india - If this really worked out. We would all be trading forex in some legal way by now and OP would not have to post this question. There may be some legal ways of doing it by finding some loopholes in the laws , but that is not how it should be. I understand your concern and appreciate your effort to take an interest in this topic. But for now there is no real solution to this problem, unless you can give...
If you want to trade find the loopholes, if you want to change the law because it's not how it should be that's completely another subject.
Don't be smart. Be rich.
  • #410
  • Nov 22, 2014 4:20pm Nov 22, 2014 4:20pm
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.
I'm sure I will receive meaningful results from the PMO office, don't have anyone working RCR though. But I will keep posting here.
Money never sleeps I can hear the dollar calling me
  • #411
  • Nov 22, 2014 4:24pm Nov 22, 2014 4:24pm
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. 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...
Not necessary that INR will become weak the next day, I disagree. I'm already moving out of India, anyway I heard people saying that it is legal, some says it's not legal, I still can't figure it out who's right.
Money never sleeps I can hear the dollar calling me
  • #412
  • Nov 23, 2014 5:22am Nov 23, 2014 5:22am
Quoting shivam332
{quote} I'm sure I will receive meaningful results from the PMO office, don't have anyone working RCR though. But I will keep posting here.
You have the right mindset for the success. Wish you the best.
Don't be smart. Be rich.
  • #413
  • Nov 23, 2014 10:01pm Nov 23, 2014 10:01pm
Shivam, do you have links to PMO? Even if Arun Jaitley gets the hint, he SHOULD do it!
  • #414
  • Nov 25, 2014 3:38am Nov 25, 2014 3:38am
Quoting vijeetgv
Shivam, do you have links to PMO? Even if Arun Jaitley gets the hint, he SHOULD do it!
Brother no one have links to PMO only PMO's website have a facility that we can directly ask question and give suggestion by the website contact us form other thing some one have to give RTI about this and the RBI and Foreign ministry will give appropriate answer about legal issues of Forex.

and one thing that i forgotted to say that Arun jaitley don't have any relation to foreign affairs Sushma Swaraj have the rights, arun jaitley is a finance minister.
  • #415
  • Edited 4:09am Nov 25, 2014 3:47am | Edited 4:09am
Quoting vijeetgv
Shivam, do you have links to PMO? Even if Arun Jaitley gets the hint, he SHOULD do it!
Are you nuts? No links to PMO.
Money never sleeps I can hear the dollar calling me
  • #416
  • Apr 12, 2015 8:21am Apr 12, 2015 8:21am
Well by going through the thread i got enlightened. One thing is for sure... through regular banking channels we cannot trade FX in India. Go out of India say Australia Dubai or Singapore for more than 6 months you become NRI, have a bank account there and then you are subject to local laws there... So FX can be done legally... Am I right people?
  • #417
  • Jul 28, 2015 4:11pm Jul 28, 2015 4:11pm
Quote
Subtelties and nuances are not your strong point

You know that your government can not make it easy for everyone to trade forex, we agreed on what will happen if that was the case :
Fucking 1billion indians will short the rupee against everything in the world.

So the government (be it Congress or BJP) have to make it legal for some happy fews and keep it illegal for the crowd, that's the object and goal of the Fema Act.

So you need to read again the Fema Act with one question in your mind : what step should I take for trading forex...



That was a good one, haha one billion people shorting INR against everything.
It's not the weight that breaks you, It's the way you carry it.
  • #418
  • Sep 13, 2015 2:22am Sep 13, 2015 2:22am
Want to ask a question on this thread.
For example, if someone make moneys outside indian jurisdiction say from freelancing in dollars. Then deposited that currency to a Fx broker via e wallets. Then will it be counted as illegal? As money is not transferred from india. I'm sure lots of traders do that.

When it's time to withdraw. If somebody pays taxes (If taxable) then there should not be any problem right?
Legally done.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #419
  • Sep 13, 2015 5:28am Sep 13, 2015 5:28am
Quoting PipPirates
Want to ask a question on this thread. For example, if someone make moneys outside indian jurisdiction say from freelancing in dollars. Then deposited that currency to a Fx broker via e wallets. Then will it be counted as illegal? As money is not transferred from india. I'm sure lots of traders do that. When it's time to withdraw. If somebody pays taxes (If taxable) then there should not be any problem right? Legally done.
I don't think it'll be. Cuz it's illegal only when a resident uses INR to convert it into some another currency, uses that currency as a base currency and trades with it internationally. Plus paying up for the margin requirements it's also not allowed. Personally I believe these rules are imposed on us Indians cuz the government believes we are incompetent, have no knowledge of trading whatsoever. Which is true at a larger scale but their are some savvy investors too who suffer cuz of these ridiculous, irrelevant laws and have to lump it. But just like in every other law there are some loopholes in it too. One just have to be smart enough to find it. What you just suggested could be one of them.
It's not the weight that breaks you, It's the way you carry it.
  • #420
  • Oct 5, 2015 12:33am Oct 5, 2015 12:33am
Quoting PipPirates
When it's time to withdraw. If somebody pays taxes (If taxable) then there should not be any problem right? Legally done.
No, it isn't that simple, you'll have to disclose your source of income, i.e. how did you earn/get the money that you deposited into your bank a/c. If you say its from your e-wallet account, than again you'll have to show from where all this money in your e-wallet a/c come from?

The IT dept. would want to make sure tis not from some "highly illegal" source like terror funding, hawala etc. There are strict rules for even foreign funding for NGOs.

I've seen many betting & gambling sites promoting e-wallets so mebbe this method is used to transfer fund to bet & gamble as both are illegal in India.

But even if we say that we earned by trading forex it shouldn't be much of a problem, tis illegal but not that illegal & we are even paying taxes. It is stupid to put forex trading in the same category as betting, gambling, hawala etc.

Retail spot forex is traded around the world, round the clock how could it be so illegal?
The loss was not bad luck. It was bad Analysis - D.Einhorn
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