How to become a non resident indian for the sake of trading forex

[HDcommander]

Hello Traders,
What if you already have a NRI account in india can you send n withdraw funds without any hassel ?

Thanks

 

[ashwani chadha]

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

thanks for this useful post

 

[last-air-bender]

Nepal may be the cheapest option available, no visa hurdles. If u r a trader why are u looking for a job. U need a place to sit and internet connection to trade on ur laptop. Think about it

 

[TraderDude]

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

wow , really..
you know there are simpler ways...

 

[TraderDude]

thanks for this useful post

Really , a useful post. I m sorry to say ,but that's one of worst pieces of advice anyone can give..

 

[SexyTrader]

Hahahahaha finding ways to escape Indian Law

You cannot escape...sooner or later one shall be caught!

But on a positive note for now, Liberty Reserve sounds good...but that also will be conquered soon! Escaping the law is not permanent....NRI or not

The "I" stands for a PROUD Indian here.....atleast me, if I or anyone sound can make that money off shares....who needs forex ? :thumb:

Trust me...Our Government knows it all :thumb:

 

[shmore2000]

It's not about escaping Indian laws. If Indian govt. allows to trade forex in all currencies traders will be very happy to pay tax as well. But a big opportunity is there and Indian residents are not allowed is not fare.

 

[vssoma]

It's not about escaping Indian laws. If Indian govt. allows to trade forex in all currencies traders will be very happy to pay tax as well. But a big opportunity is there and Indian residents are not allowed is not fare.

can u pls. explain what types of extra facilities(big opportunity) are there which are not in India to trade with.

 

[SexyTrader]

Currency Derivatives in India can give good returns as Forex too....you need a broker that can give huge margins thats all :thumb:

Forex is lucrative coz the margins right ? So for Currency Derivatives...get a broker that offers good margins and all iz well Who wants HEADACHE with Forex especially when its illegal in India ?

 

[ethan hunt]

As per Reserve Bank of India circular no.RBI/2010-11/ 472 dated April 7, 2011 and RBI/2011-12/262 A.P (DIR Series) Circular No. 46 dated November 17, 2011, remittances in any form towards overseas foreign exchange trading through electronic or internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999.

Reserve Bank of India has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets through your Debit Card.

Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time.

Click here http://www.icicibank.com/Personal-Banking/cards/debit-card/RBI_Press_Release_November_17.pdf to view the RBI circular.