I thought this is a serious thread.
Pl. post RBI rules (or links) permitting margin trading with foreign brokers or the 'overseas trading pages'. Not only me but hundreds of traders will be eternally grateful to you.
As far as my ultra-limited info goes i'm aware of this
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
which has following at Q. 30.
What are the prohibited items under the Scheme?
Ans. The remittance facility under the Scheme is not available for the following:
i) Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty;
iii) Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market;
iv) Remittance for trading in foreign exchange abroad;
v) Remittance by a resident individual for setting up a company abroad;
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan;
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories”, from time to time; and
viii) Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Infact no form of internet money exchange can be done (even Liberty Reserve) as per following circular
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941
I agree that its difficult to trace payments through Liberty Reserve, but only bucket shops accept that method of payment where broker is a counter-party to all trades. Only few NFA member brokers offer forex without making you sign in agreement that broker can act as counterparty to all/any trade.
Pl. post RBI rules (or links) permitting margin trading with foreign brokers or the 'overseas trading pages'. Not only me but hundreds of traders will be eternally grateful to you.
As far as my ultra-limited info goes i'm aware of this
http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
which has following at Q. 30.
What are the prohibited items under the Scheme?
Ans. The remittance facility under the Scheme is not available for the following:
i) Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty;
iii) Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market;
iv) Remittance for trading in foreign exchange abroad;
v) Remittance by a resident individual for setting up a company abroad;
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan;
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories”, from time to time; and
viii) Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Infact no form of internet money exchange can be done (even Liberty Reserve) as per following circular
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941
I agree that its difficult to trace payments through Liberty Reserve, but only bucket shops accept that method of payment where broker is a counter-party to all trades. Only few NFA member brokers offer forex without making you sign in agreement that broker can act as counterparty to all/any trade.
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