Remittance of profits from trading

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preetksgill

Guest
#21
During an outward remittance while wiring the money, to a bank abroad, we choose the option of " Investment in securities abroad".
Its form "A2" and the group no. purpose code is "S0001".
Whereas we are using it for trading of Forex, thats the catch.
I have gone thru RBI circulars and visited minimum 3-4 banks, including ICICI and BoB with these queries.
Although the money can be wired without creating much fuss about it, but the head of "Forex Trading" does not exist in the outward remittance form.
Since it does not exist i chose not to do it.
If at all there is any other way to do it please let me know.
Thanks
bullshit, this info is totally wrong.
 

4xpipcounter

Well-Known Member
#22
Buccas, I'm just trying to get you to lighten up. You're only 20 posts into this forum, and all your blood vessels are going to pop through your eyes if you keep going at this rate. (BTW, I won't belabor this, so here me out while I try and make a constructive point.)
If someone is doing their best to be of help, then give them the benefit of the doubt. It may not have been the exact type of reply you are looking for, but you don't have to jump all over their case.
I have a thread that is dedicated to the best forecasts on the internet. That's what I want the focus of it to be. Every once in awhile, I have someone ask me an irrelevant question like, "What broker do you use?" That has nothing to do with my thread. But, who's me to say what the true intent of the question was?
I did have someone else cut-n-paste about 15 posts of plagiarized, totally and incompletely irrelevant stuff. Out of respect, I won't show him or say who he is. That type of thing has no room. That would be similar to me getting on your thread posting my forecasts.
Tunnel vision? Yes, sever case of it.
I do not know where you are coming from when you say, "Why you don't do a certain thing." Those words were never typed on your thread.
"Bragging about personal cases"? I don't want to disappoint you,
but you have had the chance to do some bragging if you have made good trades in the past. Let's be honest. This is what these forums are all about. We all like to be right and make sure the next person knows about it. That is partially why I have my thread. There is a wonderful feeling in knowing you are right almost everytime. When you encourage other people's dialogue, you are encouraging them to brag, because they are going to tell you what they know about that given situation.
Please, just take all this as friendly, true, and factual input from the guy next door, then it won't come off so hard.


Maybe I'm tunnel visioned and I could not see how he was trying to be helpful Please enlighten me on this.

When he has no idea about how to circumvent the correspondent bank charges and he is coming up replies that why I do not trade fx I'm waiting for SEBI clarification. He could have kept his case to himself.

4xpipcounter, I'm still to find you giving irrelevant answers and bragging your case 'Why you dont do a certain thing'. Do it and I'll add you in that list too.

Correct if I'm wrong, these forums are for discussion and not bragging personal cases.
 

McNish

Active Member
#25
Hello 4Xpipcounter,
Great spirit there trying to pacify the members. Keep it up.
So i'll ask this dumb question to you now. What Fx broker is recommended and which one do you use?

Hello Buccas,
I belive Sumit is more dignified that you by the way he bowed out of the thread. I't important to be a good human being that being a successful human being. PM him and send a handshake. That would show you are a good and respectable forum member. Nothing more to say, Cheers !

Manish.
 

McNish

Active Member
#26
Hello Sumeetsj,
""During an outward remittance while wiring the money, to a bank abroad, the head of "Forex Trading" does not exist in the outward remittance form.""

This is so because outward remittance is not permitted at all for forex trading.
Manish.
 

sumeetsj

Well-Known Member
#27
Hello Sumeetsj,
""During an outward remittance while wiring the money, to a bank abroad, the head of "Forex Trading" does not exist in the outward remittance form.""

This is so because outward remittance is not permitted at all for forex trading.
Manish.

Exactly, you said the right thing,
maybe i was not smart enough to know what to say to the banker, during the outward remmitance,
that for what purpose i have to send the money.
And she told me that its not permitted, thats how i got negative about it.

Thanks for the good gesture

:)
 

McNish

Active Member
#28
Hello Sumit,
So what did you do for funding your fx account? I'm asking coz I too am in a similar situation here but may have an edge or two over others by way of a lot of relatives living overseas.
Nonetheless, my question still stands, How have U gone about it? Just curious U know!
Regards! Manish.
 

sumeetsj

Well-Known Member
#29
Hello Sumit,
So what did you do for funding your fx account? I'm asking coz I too am in a similar situation here but may have an edge or two over others by way of a lot of relatives living overseas.
Nonetheless, my question still stands, How have U gone about it? Just curious U know!
Regards! Manish.

Nothing,
the money is just lying there. I never transferred the money.
With all the forex talks going on i said to myself lets open an account and try our hand at it.
So i was ready to put around $2000-2500.
But with all these type of uncertainties i chose not to go ahead.
But my account is opened, its not funded.
 

McNish

Active Member
#30
Open with Whom? , if I may ask? I'm yet looking for a broker!