Hi Guys,
Iam an avid follower of this forum with respect to forex trading and RBI restrictions.I have posted my opinion many a time here on the above topic.
Under the new RBI guidelines for resident Indians trading forex it has become extremely difficult for an Indian forex trader to trade/fund/withdraw to/from forex.
The new directive issued by RBI on april 10,2011 to credit card companies restricting forex funding thru CC makes it difficult to fund via credit card (the credit card co.s visa/master is yet to implement RBi guidelines and how they are going to/ whether they are going to comply with it is yet to be seen.)The only option seems to be payment gateways now,which also will not be spared by RBI in due course.
In this scenario,it seems that it is better to explore the possibilities of how to become an NRI who can trade forex margin online or whatever means he wishes to.By definition an NRI is a person who has resided outside India for 180 days continuosly in the last financial year.for acheiving this ,the easiest ,cheaper option available is to go to dubai(than europe,us) in a job visa and open a bank a/c there.
There are hundreds of recruitments in various trade happening daily from India to Dubai esp from the southern part of India.The option of going in a travel visa and finding a job and changing to job visa is also there.
The various job sectors are IT,marketing,finance,Hr,technician,plumber,electrician,security guard,fire fighter,labour,salesman,beautician,etc etc..It wont be difficult to get jobs in the above sectors eventhough recession has hit dubai.Considering our sole objective is to trade fx,it doesn't really matter what type of job you get and what salary you draw.
once you become a skilled trader you can quit your day job and fund your own visa to stay there, like setting up your own business in free trade zones like rasalkhyma,jabal ali etc (rs 3 lakh required to start your own business in RAK zone)
I think these are some of the better and productive ways to trade forex,rather than discussing how to circumvent RBI rules and regulations.
Request everyone who has a better idea of getting NRI status to kindly share the thought.
thanks and regards
Iam an avid follower of this forum with respect to forex trading and RBI restrictions.I have posted my opinion many a time here on the above topic.
Under the new RBI guidelines for resident Indians trading forex it has become extremely difficult for an Indian forex trader to trade/fund/withdraw to/from forex.
The new directive issued by RBI on april 10,2011 to credit card companies restricting forex funding thru CC makes it difficult to fund via credit card (the credit card co.s visa/master is yet to implement RBi guidelines and how they are going to/ whether they are going to comply with it is yet to be seen.)The only option seems to be payment gateways now,which also will not be spared by RBI in due course.
In this scenario,it seems that it is better to explore the possibilities of how to become an NRI who can trade forex margin online or whatever means he wishes to.By definition an NRI is a person who has resided outside India for 180 days continuosly in the last financial year.for acheiving this ,the easiest ,cheaper option available is to go to dubai(than europe,us) in a job visa and open a bank a/c there.
There are hundreds of recruitments in various trade happening daily from India to Dubai esp from the southern part of India.The option of going in a travel visa and finding a job and changing to job visa is also there.
The various job sectors are IT,marketing,finance,Hr,technician,plumber,electrician,security guard,fire fighter,labour,salesman,beautician,etc etc..It wont be difficult to get jobs in the above sectors eventhough recession has hit dubai.Considering our sole objective is to trade fx,it doesn't really matter what type of job you get and what salary you draw.
once you become a skilled trader you can quit your day job and fund your own visa to stay there, like setting up your own business in free trade zones like rasalkhyma,jabal ali etc (rs 3 lakh required to start your own business in RAK zone)
I think these are some of the better and productive ways to trade forex,rather than discussing how to circumvent RBI rules and regulations.
Request everyone who has a better idea of getting NRI status to kindly share the thought.
thanks and regards
