Attention! - Forex trading is illegal in India!

[henrypalvi]

I just want to take this opportunity to make things clear that if trading is illegal or no in India. I am working with STIFX online trading broker and we have many clients coming from India as well. Furthermore, many clients take there profits and withdraw, and dont encounter any difficulties in withdrawing. They withdraw to various Banks in India, such as ICICI and others.
I will be happy to answer anyones questions. So to help everyone in trade and to advice the best opportunity you all can come up with.

 

[asha99]

Totally agree!!! - it is only these beurocrats holding the progress of Bharat to join the super leauge of major powers!

Indians can trully do better then the traders in the west.
It is high time someone looks at this
the sooner the better!

liberalisation - well it is not fast enough

Only if beaurocrates (who don't have to worry about their job or money) can also ban ......

 

[asha99]

Your information is wrong "supatrade" One can trade in forex very legally in INDIA and moreover if it was banned why were forex brokers openly advertising in news papers etc.., ....[/B]

which brokers have been advertising in India? cos i have never seen one!
also any recommendations of which brokers to use?

 

[sultan111]

Yes it is perfectly legal and i am doing it perfectly..
I have practiced many brokers. I started off with FXopen but unfortunately i struggled there due to platform inaccuracy. My positions were not placed timely. Now i feel it was more of my problem coz i was a newbie that time. But now i am fixed with 4xindia.com. I am scalper and really love currency trends.
I am a part time forex trader from mumbai, India. I trade Euro/USD . I have opened an account at marketiva.com They provide free $5 For Trading. But they charge $7 for withdrawing the money. Also I have traded with oanda.com as they accept money through paypal and i fund my paypal acount with my fathers credit card. First you try to learn with marketiva and slowly switch to oanda.
Go to forexindia.org or 4xindia.com for info on Forex trading in India.

 

[duster]

Go to forexindia.org or 4xindia.com for info on Forex trading in India.

forexindia.org is the website of the Forex association of India It has nothing, absolutely nothing to do with Forex trading It's about currency _exchange_ for normal purposes

 

[hareshbhaip]

Can anyone suggest that now a days in 2009 Forex Trading in INDIA is legal or illigal?
I heard that RBI has permitted and made some amendments for it but not confirmed/

 

[duster]

Can anyone suggest that now a days in 2009 Forex Trading in INDIA is legal or illigal?
I heard that RBI has permitted and made some amendments for it but not confirmed/

It as absolutely legal as of August 2008. You can read more here: http://www.forex4you.com/forex/forextradinginfo/forextradingindia.html

You can also confirm with RBI's website.

In sum, since August 2008 Indian brokers may provide currency futures trading to individuals. But even before that non-Indian brokers could provide this service to Indians.

 

[vijay22]

Hi,


Its absolutely true that Forex Trading is not permitted in
INDIA. It is unofficial, illegal to trade in INDIA, I have visited
to RBI , Bombay on 17th April 2009, and met forex market
dept and enquired all the things about forex trading in INDIA,
Officer said me IT IS NOT PERMITTED TO TRADE IN INDIA.
anyone can visit their website and clearly mentioned that
margin, margin call trading is not allowed it is called forex
online currency trading. so be careful everyone

If anyone has any doubt pls do visit RBI Bombay and will
get confirmed about this.

Regards

 

[vijay22]

Hi there,

Nobody is stopped to trade forex in INDIA
Its just information it is illegal in INDIA
and its true, if u want to trade go ahead no prob...
USDINR is a part of NSE which is from INDIA.
It is clearly mentioned that on RBI's site please read
it carefully...
http://www.forextraderindia.com/facilities.asp

 

[AdaG]

Ok then trading USDINR comes under what segment?? commodity trading and stock trading LOL and if i trade forex with 1:1 margin then it becomes legal right, as there is no margin in 1:1 leverage trading

Reliance money offers them, so they are not aware of this concepts?? and you so smart than a corp millionaire ?

And please stop your story of same visit and bother about its legal or illegal issues as no one i see care about it really

I wonder how you could not understand the difference. The Liberalised Remittance Scheme ruling clearly says that the remittance of money for margin trading is not permitted. In that process you are sending (remitting) money to overseas counterparty for margin trading.

Now if any Indian company is offering forex product within the guidelines of RBI then there is no remittance of money to outside India, it will be a simple NEFT or cheque transfer within India. They are two totally different kind of financial transactions governed by different laws.

So as Vijay confirmed from RBI itself, money remitted to overseas exchange or counterparty for margin trading is clearly not permitted under LRS by RBI. But as someone mentioned earlier there are many other ways to do it. Also I haven't heard of any forex trader harresed for illegal remittance yet.