Attention! - Forex trading is illegal in India!

[LawAbiding]

Forex trading is not a permisible transaction for Indians even under the liberalised scheme of $100000. You can land in jail if RBI comes to know. Forex tarding is explicitly banned in FEMA and is non-bailable offence.

I have confirmed this from forex dept. of 5 banks (Pvt. and PSU both). Only corporates are allowed to trade in forex - subject to the condition that they can use only their free dollar reserves. i.e. they cant purchase dollars by converting rupees into dollar, they can use only the existing dollars they have earned in normal business. Also another condition is that they cannot use leaverage of more than 10 times.

Individuals, please do not trade forex as it can land you in trouble (jail). You have been warned.

According to http://www.rbi.org.in/scripts/FAQView.aspx?Id=53

yes good to see some with knowledge otherwise i see only fools saying govt doesnt want us they dnt understand the reason . this video if anyone doesnt know see it u will know why u shouldnt http://www.youtube.com/watch?v=IUxBImkcvaU&feature=youtu.be

 

[pkdoo7]

Forex trading may be illegal in many countries due to capital controls. However it is also likely due to investor protection. In countries that have regulated Forex trading, brokers are required to set up shop locally and be regulated by local authorities. A key requirement is customers' trading funds be deposited in escrow accounts so that there is no co-mingling with brokers funds. If such protection are not present, it is very easy for traders to lose their funds if the broker goes broke. Also be mindful of internet fraud. It is common for 'brokers' that are not regulated anywhere to set and solicit customers. After receiving trading funds, they keep the money, fold the business, change name and start the scam over again. Investors who fall prey to these have no recourse to get back their money.

tumhara kahne ka matlab hai ki sare International forex brokerage firms fraud hain aur aik baar paisa jama kar dene ke baad woh aapka paisa maar dete hain aur gayab ho jate hain ya apna naam badal lete hain . theek hai agar trust nahin hai to paisa deposit mat karo per lane yani with draw per fema kyon thonka hai jail main kyon dal ne ka provision bana ke rakha hai aaj internet revolution ho chuka hai aur her koi apne place se hi sari duniya main sampark bana sakta hai , forex trade kar sakta hai aur margin bana sakta hai , local forex firm set up ke baare main bhool jao itne advance abhi Indians nahin hain ki woh forex firms set up kar sakein , per jo bahar se trade karte hain usmain paisa lane main kyon harja bana ke rakha hai , tumarare baap ka ismain ya tumarae rule ka isse kya cross connection hai , Interrnational trade karne ka aur profit jo hum International forex trading se karte hain usse RBI ke rules to violate nain hote phir with draw per ban kyon lagaya hai aur agar koi apne trust aur risk per International forex firms main Invest karta hai to isse government ko koi objection kyon hai , margin trading desh main na karein per margin trading ke bina , leverage ke bina koi forex ya metal , commodities , derivatives etc . trading main progress kaise kar sakta hai ye to saaf taur per public ke economic interest ko kuchalna hai

 

[karankumar]

Fema only stipulates that a resident Indian can not remit money for the purposes of margin funding. Nowhere it is stated that the trading in foreign currency is illegal. So what I have concluded is that only if Indian money is used for remittance purposes then that transaction is illegal.

Had trading been illegal then RBI would have banned all the websites facilitating online foreign currency trading in India.

Please tell in case there is provision in fema or rbi guidelines which states that trading itself is illegal.

Also, in my opinion trading from the free no deposit bonus given by the companies at the time of account opening also does not attract any fema violation.

Please correct me if I am wrong.

 

[pkdoo7]

As all of u say forex trading illegal in india but all big time players of indian stock market are making huge amount of money by trading in international forex and bullion market. For the small investers Fortune broking solutions help to invest in small market and they also making tons of money so who cares for other thing than money honey. so be prepared for the revolution in india regarding forex which has been already started by FORTUNE BROKING 11 yrs back.

forex per ban lagaya hai to desh se bahar jakar paisa kama sakte hain , sarkar ke paas naukari ka sortage hai aur agar woh naukari dene main sachham nahin hai aur apna polish wala danda dikhata hai toh phir aise country main rahne ka kya fayda jahan jeena muskil ho aur padne ke baad bhi kuchh na mile sivaye bad result ke , saree naukairon ka toh sauda ho raha hai . ab 40 saal tak naukari ke peeche maraoge to katore ke siva aapke paas kya hoga . ya to isse ban hata lena chahiye , agar naukari nahin hai ya ke phir desh se bahar jana hi better hai . stock market ke jo brokers hain ya seth woh bahar se goti phit kar ke kam chala rahe hain sabke apne setup hain bahar se . is kanoon le loop holes main apna maths lagakarke , agar aisa maths fit na ho paye to aik common trader ke paas bahar ka rasta hi best hai

 

[pkdoo7]

now I would have to clear on this issue from RBI , as I concluded some where people who are Interested to trade forex should see the press release of 21 feb 2011 . where this is not allowed in any case , not only remmitance but also with draw , why this action had been taken , still make me more painful . I had wasted my 2 years in learning forex trading and had been active in several forex forums like forum mt5 and suddenly what I saw, "banned" in India . more then 100 sites were learned for trading forex and when I had prepared to make profit . damn , circular was too terrible to digest.

 

[pkdoo7]

Fema only stipulates that a resident Indian can not remit money for the purposes of margin funding. Nowhere it is stated that the trading in foreign currency is illegal. So what I have concluded is that only if Indian money is used for remittance purposes then that transaction is illegal.

Had trading been illegal then RBI would have banned all the websites facilitating online foreign currency trading in India.

Please tell in case there is provision in fema or rbi guidelines which states that trading itself is illegal.

Also, in my opinion trading from the free no deposit bonus given by the companies at the time of account opening also does not attract any fema violat
Please correct me if I am wrong.

I would say that you can collect free dollars from various places for trading forex like forum posting , some legit ptc sites , freelance jobs and web business , google adsense is another best source for deposit arrangement , most of the site owners will pay you through e processors and that is out of Indian authoritative zone , but when you will deposit you hard earned money from various sources and try to multiply your money via profit and then with draw through paypal or other mode like MB . polish would caught you for fema violation at last . because you have to show your proof in front of It deportment and paying Income tax is mendatory for every body . what you would you show there . forex is not allowed in any case . that is written in 21 feb 2011 circular . just stay away from it .

 

[bhomit]

Can i trade with other pairs other than INR ones in India?




Also i have a liberty reserve account funded by megatypers.com can i use that money and trade on exness.com and the withdraw from Liberty Reserve is that legal? Cause I dont see any wrong in that

 

[ramesh. shrivashan]

Dear, We are a Indian based company, have offshore office in Uk also, We manage client account, both indian as well as foreign, Remitance for purpose of margin based trading is not allowed by R.B.I But there are several loop holes in Indian Regulation. And as per my experience no one has been ever prosecuted for fx trading. Alpari, ACM, MR MARKETS, & many more offshore companies have their Indian branches in Mumbai & Delhi.
Best way to bypass RBI rules is using Paypal, Skrill, Alerpay, Liqpay, & other ewallets to fund forex accounts, Indian Government can't never ever track those or can challenge !

www.cashinforex.com

 

[nitinsavan]

My sister is citizen of USA but residing in India now. Can I open an Forex account in her name and trade for her ? She can pay in dollar.

 

[jahan]

My sister is citizen of USA but residing in India now. Can I open an Forex account in her name and trade for her ? She can pay in dollar.

yes ....u can do ....another advantage is US forex broker are much regulated....try to open with Tradestation or Interactive brokers...u will be amazed by there services.

Regards,