Remittance of profits from trading

[sumeetsj]

FX Solutions

http://www.fxsol.co.uk

 

[sumeetsj]

Posting a link of a similar thread..

Hope its useful

http://www.traderji.com/forex/26078-forex-trading-india-legal-here-rbi-circular.html

 

[McNish]

Hello Sumeet!
Check this post I wrote. May be of some use to use I guess.
http://www.traderji.com/forex/52885-i-have-found-way-trade-currency-legally-2.html#post542818
Cheers! Mods, can I have Beer Mugs as Smiley ?

 

[sumeetsj]

Hello Sumeet!
Check this post I wrote. May be of some use to use I guess.
http://www.traderji.com/forex/52885-i-have-found-way-trade-currency-legally-2.html#post542818
Cheers! Mods, can I have Beer Mugs as Smiley ?

Hi,
What you have written is one of the best/safe ways to do the job.
As per my knowledge,(i had spoken to my uncle in the US)
When u open the account in his name or your name ?
secondly: what will the the tax implications for him ?
I mean he has to show to the IRS where the money has come from ?
thanks

 

[McNish]

Hi Sumeet,
Glad you found something of value. What you are asking is simple. You open the account in your name, i.e Sumeet and all the relevant docs have to be your alone. And the account is funded via CC from your uncle. As far as the IRS is concerned, fund your account only for a bare minimum i.e 1000$ only. Since this is a very small amount, the IRS should not have any issues with it. please consult some senior members and other informed and experienced people too. As far as I'm concerned, i'll ask probably my dad or a cousin.
Do update me on the proceedings. BTW, what broker have U selected. I had a conversation with 4xp people but they don't seem convincing enough. In case you are going for this broker, I would advise you against them.
Chow!

 

[McNish]

I found the beer and the mugs too! :cheers: :beer:
:lol: !

 

[sumeetsj]

I have just been chilling for a couple of weeks now,
no trades, no equities/no commodities..
it would be like this for a while.
So once i decide on something i shall definitely keep u in the loop..

thanks for the responses
:thumb:

 

[nayachora]

Mr Unimak, Please provide ur knowledge here, so that more people ca be benefitted

 

[ashwani chadha]

My dear friend sumeetsj

you need to rub your eyes and read what I've written carefully. I'm talking about Inward remittance and not outward remittance. Please read carefully what is written before posting replies.

please do no waste time of others by posting irrelevant answers. You do not need to fill any stupid form made by RBI for inward remittance, you have to fill your brokers withdrawal form.

dear buccas13.to be hot and use hard language with out any major reason is not a good habit.
this is a friendly forum,where every body deserve respective language

 

[buccas13]

dear buccas13.to be hot and use hard language with out any major reason is not a good habit.
this is a friendly forum,where every body deserve respective language

Ashwin

I kept on clarifying the gentleman that he is talking altogether something else and it had nothing to do with my query.

AND I do not need lecture from any one around about civility.