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Forex trading is illegal in India? 29 replies

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Trading in India

  • #421
  • Oct 6, 2015 11:38am Oct 6, 2015 11:38am
Quoting Vcv13
{quote} 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 i 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?
To trade legally in India, look for some prop trading firm. Prop trading in Forex and foreign markets is allowed in India.
  • #422
  • Oct 13, 2015 6:40am Oct 13, 2015 6:40am
Quoting Vcv13
{quote} 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...
This is our country mate. Our government can't provide a proper job to the youth & when we earn money with our hard work honestly (not like those criminals & politians) then they just want to ban that.

Bad luck!
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #423
  • Oct 13, 2015 6:42am Oct 13, 2015 6:42am
Quoting Shantala
{quote} To trade legally in India, look for some prop trading firm. Prop trading in Forex and foreign markets is allowed in India.
You can't trade freely in a prop firm, there will be some rules to follow as you are trading with company funds.
Plus most important, you need to pay money first & if you perform bad for 3-4 months or unable to meet their profit target, they just throw you out.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #424
  • Oct 13, 2015 6:51am Oct 13, 2015 6:51am
Quoting gnarlygary
{quote} 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....
As i mentioned freelancing, there you will get paid in dollars, not in rupees, that you have to convert.
You earn in dollar outside of indian jurisdiction, you spent your dollar outside indian jurisdiction.
No money is going from india to outside. So it's not illegal isn't it? It's not black money or anything.
E Payments are not within in indian jurisdictions neither the freelancing companies. So the wallets where you are holding your dollars it's technically not even in india.

Only problem you might face, when you bring the money back in india as profit. (I guess)
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #425
  • Oct 29, 2015 12:11am Oct 29, 2015 12:11am
Quoting PipPirates
{quote} As i mentioned freelancing, there you will get paid in dollars, not in rupees, that you have to convert. You earn in dollar outside of indian jurisdiction, you spent your dollar outside indian jurisdiction. No money is going from india to outside. So it's not illegal isn't it? It's not black money or anything. E Payments are not within in indian jurisdictions neither the freelancing companies. So the wallets where you are holding your dollars it's technically not even in india. Only problem you might face, when you bring the money back in...
Absolutely right, All you need to do is focus on 2 points, viz, Your trading and how're u gonna cash out the profit.
The first part is all on you, whereas, for the 2nd part the e-wallets can come in handy, along with other options. All you need to do is lay-low so the IT pigs don't come sniffing your butt. Do some study on the income tax laws in india and you'll be just fine.

1 rule = getting rich is a good thing but flaunting your riches is a bad idea. I think I read somewhere in the annual budget that one is not liable to pay taxes if their income is below 2.5lacs p/a. Read the section 80c, 80d you may find something there. 87c can be useful for tax rebate and all.

Like I said, there are loopholes in every constitution or law you just need to find them. Think like a lawyer.
It's not the weight that breaks you, It's the way you carry it.
  • #426
  • May 9, 2016 3:24am May 9, 2016 3:24am
Does anyone knows if we can trade US Futures (E-Mini Dow) from India?
The Earlier You Start, The More Time You Have To Mess Up.
  • #427
  • Feb 2, 2017 11:33am Feb 2, 2017 11:33am
Anyone looked at RFC (Resident Foreign Currency) Savings Account with ICICI bank? NRIs returning to India can open this savings account in USD or any major foreign currency, I think with this account Indians can do forex. Any thoughts on this? Anyone using this option?
  • #428
  • Feb 2, 2017 6:17pm Feb 2, 2017 6:17pm
Quoting redcap
Anyone looked at RFC (Resident Foreign Currency) Savings Account with ICICI bank? NRIs returning to India can open this savings account in USD or any major foreign currency, I think with this account Indians can do forex. Any thoughts on this? Anyone using this option?
Looking at FEMA, don't think so
  • #429
  • Mar 14, 2017 2:19pm Mar 14, 2017 2:19pm
Even If you some how bypass IT department, you will have to answer FEMA, now a days
Tamizhan
  • #430
  • Mar 15, 2017 12:23pm Mar 15, 2017 12:23pm
Quoting forexlion
{quote} Can you kindly prove your statement with an authority statement issued by either Reserve Bank of India or the Indian Government. Views posted on forums do not count.
Hi Forexlion,

I am interested in forex trading in India. Don't have any prior experience, but have read about it for understanding. I have regular bank accounts in Axis bank and in US. Primarily I will be operating from India.

I too read about restrictions on Forex on cross-currency pairs for the simple reason that if traders lose trades, then there may be a situation where RBI will be compelled to purchase USDs to transfer funds to foreign brokers weakening Indian rupee. So they have been restricting currency trading if rupee wasn't involved.

But last year NSE seems to have introduced cross-currency pairs according to this article.
https://www.fyers.in/nse-introducing-forex-trading-in-cross-currency-pairs/

Since I have Axis account, it will be easier for me to start with Axisdirect.
https://www.axisdirect.co.in/dynamicWEB/CURRDERVT/CurrencyDerivative.html

Is that a good broker to start with ?

Does icmarkets have presence in India in case I want to use it as a secondary broker ?

Thanks,
Sri
  • #432
  • Apr 9, 2019 8:06am Apr 9, 2019 8:06am
This is our country mate. Our government can't provide a proper job to the youth & when we earn money with our hard work honestly then they just want to ban that.
Forex trading in India (https://www.blockchainvscrypto.com/2019/04/forex-trading-in-india-what-is-forex.html)
  • #433
  • Jul 10, 2019 3:22pm Jul 10, 2019 3:22pm
Hey people, please don't let this thread die.
I have a question. How does the system of local bank transfer to forex broker works? Nowadays brokers like fxtm, octafx have this option. You don't need to convert your INR to any currency.
  • #434
  • Last Post: Jul 15, 2024 2:44pm Jul 15, 2024 2:44pm
Quoting praveenfun2
Hey people, please don't let this thread die. I have a question. How does the system of local bank transfer to forex broker works? Nowadays brokers like fxtm, octafx have this option. You don't need to convert your INR to any currency.
They have local agency a third party who onboard your money within India. So you are not removing money outside India.
strip things naked
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