Remittance of profits from trading

[nicktrader]

Hi guys,

Has anyone opened an account with any brokers(Internationsl or national) registered in India which allows me to trade metals (Gold,silver,copper,platinum etc) at international rates rather than the domestic indian rates. I dont want the USD/INR fluctuations to ruin my trades...

Thanks....

 

[buccas13]

Try to search the brokers who allow trading metals on LME. Do this search on google. Once when you have done that got to the following link: -

http://www.forexpeacearmy.com/public/forex_broker_reviews

Check the reviews of that broker on the website.

I choose with the help of this website in 2009. Then the list was small but now the list has grown really big. I found a good broker from the list. Now as the broker is trying to expand the trading environment has become less friendly in terms of spreads.

Regards.

 

[crimsonAlchemist]

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.

Hi buccas13,

I will probably run into the same issue in the future . I am planning weekly withdrawals under 500$. The amount itself is sufficiently low I guess but the frequency of withdrawals will be weekly. Will it raise any red flags from StanChart? Or is a higher amount but monthly withdrawal is better?

 

[buccas13]

This happened somewhere in mid 2011 that I started getting calls from HDFC bank. They always ask me the nature of transaction and then hangup.

I think you better keep the amount in paypal or moneybookers everyweek and give one big (if they are linked with your broker). Then give one big order to send it to our bank account in India. When asked tell them My brother has sent it to me. It is a gift, a personal account transaction.

For this transaction you do not need any documents to furnish.

 

[amitbond]

ILLEGAL

it is illegal to remit foreign currency to speculate in Forex markets or any other markets.

At the end of the day you will end up losing all your monies. one in a million may make some money but ultimately they all lose.

Do whatever that you want to but illegal still remains illegal.

 

[buccas13]

Dear Amit,

Very well sir your point noted.

Thanks and Regards

 

[roney]

This happened somewhere in mid 2011 that I started getting calls from HDFC bank. They always ask me the nature of transaction and then hangup.

I think you better keep the amount in paypal or moneybookers everyweek and give one big (if they are linked with your broker). Then give one big order to send it to our bank account in India. When asked tell them My brother has sent it to me. It is a gift, a personal account transaction.

For this transaction you do not need any documents to furnish.

Are you sure?coz I also got a call from HDFC bank yesterday even though my withdrawl was thru moneybookers always and this is the first time out of 10 times(in 2 years) i withdrew they sent a mail asking for purpose .Usually they never call but credit the money on the second day.Now its been 11 days since my request for withdrawl and I was beginning to worry.Yesterday i received the mail from bank asking for purpose.Has it got something to do with rupee fall that RBI is tightening its grip.But aren't we helping rupee by inward remittance from $.They shoudn't be asking Q no?

 

[SexyTrader]

With the dollar-INR exchange at such a high price, funding against 56-57 is stupid

I do not know what others are doing, I do not fund dollars with INR anymore....India is the BEST hence I stick to my country's stocks

JAIL-time under FEMA is not my style....rather be legal and enjoy more profits

 

[buccas13]

Dear friend,

It is your choice what you want to do. I will not comment on that. But there is a little piece of information I'll like to provide you

Earlier we had FERA under which violation of foreign exchange treated as criminal offence. Under FEMA the violation is treated as civil offence and you are to only pay the fine. There will no jail time.

Just a fact no opinions.

 

[buccas13]

This is strange. 11 days is far too much. RBI has gone beserk. they cannot control they are supposed to only manage.