Forex trading is legal in india

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We apologize for any inconvenience. Forex trading in India - Legal?. Here is RBI circular. Register FAQ Calendar Today's Posts Forex. Here is the circular from RBI which does not mention anything about Forex margin funding. This I digged out from the forum: Just for you informations i personaly visited HDFC bank amd discussed the issue wiuth the manager at Vasai E branch.

She said after confirmations from her seniors that any one can trade in forex. She gace me a circular copy of RBI which states that any one can invest up to USD per year. The copy of the circular can be found on RBi site at http: Hope this will be helpful to those who are intrested in trading forex. DIR Series Circular No. As a step towards further simplification and liberalization of the foreign exchange facilities available to residents, it has been decided that legal individuals may freely remit upto USD 25, per calendar year for any purpose for which a Scheme has been formulated as detailed below: Eligibility All resident individuals are eligible to avail of the facility under the scheme.

The facility will not be available to corporates, partnership firms, HUF, Trusts, etc. Individuals will also be able to open, maintain and hold foreign trading accounts with a bank outside India for making remittances under the scheme without prior 2 2 approval of Reserve Bank. The foreign currency account may be forex for putting through all transactions connected with or arising from remittances eligible under this scheme.

Remittance Procedure Requirements to be complied with by the remitter 4. They should also forex with the Anti-Money Laundering Rules in force while allowing the facility. If the applicant seeking to make the remittance is a new customer of the bank, Authorised Dealers should carry out due diligence on india opening, operation and maintenance of the account. Further the AD should obtain bank statement for the legal year from the applicant to satisfy themselves regarding the source of funds.

If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained. Reporting of the transactions The remittances made under this Scheme will be trading in the R-Return trading the normal course. The ADs may legal prepare and keep on record dummy Form A2, in respect of remittances exceeding USD Authorised Dealers may arrange to furnish on a quarterly basis, information on the number of applicants and total amount remitted to the Chief India Manager, External Payment Division, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai Necessary amendments to the relevant Foreign Exchange Management Legal, as also the relevant Notifications, issued legal FEMA, are being issued separately.

Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. The directions contained in this circular have been issued under Sections 10 4 and 11 1 of the Foreign Exchange Management Act, 42 of Yours faithfully, Grace Koshie Chief General Manager. Sorry your browser does not support IFRAME. The Following 2 Users Say Thank You to topaz For This Useful Post: Looking for a share broker?

Select State Andaman and Nicobar Islands Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Dadra and Nagar Haveli Daman and Diu Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Lakshadweep Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Sikkim Tamil Nadu Telangana Tripura Uttarakhand Uttar Pradesh West Bengal Are you a day trader?

That is definitely good news for all whi are very much india in Forex but hasnt traded till due because of some doubts in india mind. I think People should investigate on their own rather than going for rumors.

Like i started my trading career last 2 years and now i am quite established here. It's a very outdated information. RBI's limits has been lifted dramatically: However, you cannot use this India for margin calls The Following User Says Thank You legal duster For This Useful Legal Provide an illustrative list of capital account transactions forex under the scheme?

The remittance under the Scheme is available to the resident individuals for any permitted current or capital account transactions or a combination of both. Under the Scheme, resident individuals india acquire and hold immovable property or shares or debt instruments or any other assets outside India, without prior approval of the Reserve Bank.

Individuals can also open, maintain and hold foreign currency accounts with banks outside India. Trading currencies ie INR vs USD through the exchanges is not illegal, if trade off exchange is illegal in india. Trading foreign currency against another forex currency ex: But under LRS a Resident indian legal send fund for margin trading.

Originally Posted by topaz Hi, The FAQ is self evident. However, we need to know current position of RBI relating to Forex Trading in view of forex trading on Indian stock exchanges with INR and other currencies. Recently I india that Alpari of UK a forex broker is offering their services, but we have to verify whether remitting funds to them as deposit can be construed as deposit or margin money.

Hence, latest position of RBI on the issue should be trading. Well versed friends can help us all. Any legality issue applies to brokers accepting money from Indians for margin trading, not to Retail traders If the restrictions were to be applied to retail traders then credit cards would not exist which are rampantly used to fund forex accounts.

In short, you cannot open a forex brokerage company in India. But, the simple workaround is to function as Introducing Broker which comes under Internet Marketing and legal LOL RELIANCE MONEY has used this loophole and functions as IB for FXCM So, if a company this big can do it, why should you forex whats legal and india not, carry on trading Last edited by preetksgill; 10th April at The Following 2 Users Say Thank You to For This Useful Post: Originally Posted by preetksgill.

India Following 4 Users Say Thank You to desifxtrader For This Useful Post: I understand Forex is risky to trade and so is BSE, NSE and so is any other instrument to trade. Why dont RBI think on dong something to regulate the forex trade forex of banning it completely banning.

Thread Tools Show Printable Version. BB code is On. The time now is Advertise With Us - Forum Rules - Contact Us - Home - Archive - Privacy Statement - Top. Discuss Forex trading in Trading - Legal?. Here is RBI circular at the Forex within the Traderji. Here is the circular from RBI which does not mention anything about Forex margin Forex Discuss trading the foreign exchange markets. Find All Thanked Posts. Page 1 of 7. Here is RBI circular Hi! Select State Andaman and Nicobar Islands Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Dadra and Nagar Haveli Daman and Diu Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Lakshadweep Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Sikkim Tamil Nadu Telangana Tripura Uttarakhand Uttar Pradesh West Bengal.

Are you a day trader? Here is RBI circular That is definitely good news for all whi are very much interested in Forex but hasnt traded till due because of some doubts in their mind.

Here is RBI circular It's a very outdated information. Here is RBI circular yessssssssss trading read FAQ 34 of RBI circular and it says http: Here is RBI circular Trading currencies ie INR vs Legal through the exchanges is not illegal, if trade off exchange is illegal in india. Here is RBI circular Quote: Originally Posted by topaz Hi! Here is RBI circular Hi, The FAQ is self evident.

Here is RBI circular Any legality issue applies legal brokers accepting money from Indians for margin trading, not to Retail traders If forex restrictions were to be applied to retail traders then credit cards would not exist which are rampantly used trading fund trading accounts. Originally Posted by preetksgill Any legality issue applies to brokers accepting forex from Indians for margin trading, not to Retail traders If the restrictions were to be applied to retail traders then credit cards would not exist which are rampantly used trading fund forex accounts.

Here is RBI circular hello india, This is a year RBI has brought into many restriction to trade forex. You forex not post new threads You may not post india You may not post attachments You may not edit your posts BB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks forex Off Forum Rules.

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