Remittance of profits from trading

[sumeetsj]

so whats the status now ?
the original discussion in the thread ?

Please enlighten me..
(and many others)

Thanks in advance

 

[baijuthomas]

Hey Amit
got a question bro - i currently trade in the UK on FXCM because margin trading is allowed here , i looking to come to India and settle , so was wondering what platform in your opinion makes sense in India (ie: less brokerage fees etc) for forex and Equities ? . on Forex - since i presume margin trading is not allowed , what are the options . would like to know your take on Equity mkts too ? Cheers bro .

 

[vhparekh]

Liberty Reserve & Webmoney are good options. Some brokers would help you in making your deposits & withdrawls easy.. If you want the details, you can post your mail id, i would send you the details. Thankx. :thumb:

or mail your details on [email protected]

 

[SexyTrader]

It aint so difficult that people start fighting over it.

remitting money abroad for trade is no big deal, but stating the profits from Forex in your tax statements in India is where the problem lies :thumb:

This is no argument nor is anyone expected to win from that...people in Reserve Bank of India (Our regulatory body for foreign exchange!) are NOT fools ....and no one is a criminal unless caught But think what happens when you are caught under strict FEMA laws! No one in RBI cares a _____ about "someone" venting their frustration against Indian laws on TJ

If you do not like Indian laws...relocate to UK or USA....simple :thumb:

 

[vhparekh]

rightly said buddy..

there are ways & means of getting profits on accounts. you should be knowing it. Simple.

Rest, the risk would always be attached to it.

 

[tristam15]

Hey dude,

I got a question here. I've asked for a remitance via wire from my broker. Now, ICICI bank has sent me an email "regarding clarification of remittance" my broker has sent me.

He has mentioned in the purpose 'REFUND OF CAPITAL PLUS PROFIT/LESS LOSS'.

Anyone who
s already received a remittance please help me out.

ICICI bank is asking for details regarding the remittance with supporting documents.

What do I do?

Thanks.

 

[buccas13]

I always get a call from HDFC bank every month when I get the amount through swift in my account and I say I'm a software engineer and I did a project for my client he has sent the amount.

My amount till date has always been under €1,000. Is your amount a big amount?

You can tell him it is my salary. For that they will not ask you any questions.

or else

I'm transferring some amount from my savings from my account abroad to my account in India.

 

[tristam15]

I've just withdrew a small amount of $500 to test out the system.

I gave a declaration that it was money from sale of foreign equities I'm yet to receive the funds but they said that the funds would be credited to my account.

I've spoken to my broker, they've agreed to let me put in whatever purpose I want instead of 'REFUND OF CAPITAL PLUS PROFIT/LESS LOSS'.

I got some questions for you.
1) What does your bank statement say? Does it mention your broker's name?
2)Does the bank ask for any documents like invoice or salary slip etc?

One more thing, how long does it take for the remittance to reach you after you've initiated a withdrawal?

Thanks for the quick reply.

 

[buccas13]

Send me a private message. I'll reply to you there.

 

[tristam15]

I'm unable to PM you. Do you have it disabled?

Can you give some email or something like that? You can edit the post after I've seen it.

You can reach me at tristam15[at]gmail.com