Remittance of profits from trading

[ar1002]

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

You can open account in fxcentral. If you want I can help you to open an account. The funding can be done n Indian rupees to its indian bank account and withdrawal s also done to our domestic bank account.

PM me if you need more details.

ar1002

 

[roney]

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

Finally the 300$ came after 14 days from the date of processing from money bookers. HDFC bank after holding the amount (they said they couldnt get in touch with me over phone for confirming the purpose of remittance and apologised)credited today evening.I wonder if the purpose of remittance is so important.Earlier they never used to call me whenever I withdrew from moneybookers and even once I directly withdrew from the broker without getting any calls or Q from the bank.
Under the new scenario it is always better to withdraw once in a quarter or half year.What say Buccas? BTW the FEMA is a non prosecutable civil violation was quite a relief.Thank you...

 

[buccas13]

Lets say we are walking on the edge. So I accept the prevailing conditions and even if they get worse off from here. I withdraw more frequently, I would not have waited 14 days really, A complain and it would all have gt sorted off.

As I said since mid 2011 these calls regarding the purpose of transaction has been started. It all started after the news of black money in offshore locations started to flash.

Why they are doing it I'm clueless about it. But the meager amount we are withdrawing is no way cause of worry until unless some we know makes a complain against us.

remember when you withdraw funds from broker he already mentions the the details. in Swift MT103 form field 70 Details of payment it is written withdrawal of funds. If this ever causes any problem you can ask him to leave this column blank or write some other purpose.

 

[SexyTrader]

Finally the 300$ came after 14 days from the date of processing from money bookers. HDFC bank after holding the amount (they said they couldnt get in touch with me over phone for confirming the purpose of remittance and apologised)credited today evening.I wonder if the purpose of remittance is so important.Earlier they never used to call me whenever I withdrew from moneybookers and even once I directly withdrew from the broker without getting any calls or Q from the bank.
Under the new scenario it is always better to withdraw once in a quarter or half year.What say Buccas? BTW the FEMA is a non prosecutable civil violation was quite a relief.Thank you...

Sorry to inform you, but FEMA is not a non-prosecutable violation.....It is NON-BAILABLE and that involves Jail-time !

If orders are issued, you will be arrested immediately with no scope for bail...whats the use of trading with a dagger hanging on the head ?!

 

[buccas13]

Despite some drawbacks, the FEMA is a definite improvement over the FERA, Mehta says. Unlike the FERA, violations of the provisions of the FEMA are civil and not criminal offences, entailing much less stringent penalties. While in the FERA, non-bailable arrest is possible even on ground of suspicion, this is not so in the FEMA. The enforcement agency's power of arrest and seizure has been taken away. Also, under the FEMA, an Indian citizen can hold foreign exchange, or property inherited from foreigners or the NRI who is exempted from the purview of fema, he says.

 

[SexyTrader]

Yet but its still against Indian Laws....who wants to get caught/arrested/fined etc etc for doing something illegal ?! Too much of a RISK for something as enjoyable as trading! Not worth it with all the trouble that is possible...

Rather F&O in India pays more than that :thumb:

 

[ar1002]

Yet but its still against Indian Laws....who wants to get caught/arrested/fined etc etc for doing something illegal ?! Too much of a RISK for something as enjoyable as trading! Not worth it with all the trouble that is possible...

Rather F&O in India pays more than that :thumb:

Dear friends,

Why you are so worried on all these things, when there are option to open trading account with brokers where funding can be done directly in INR through Indian banks and withdrawn to our own savings account. For more details PM me and I will help you to open an account.

 

[buccas13]

On traderji there are too many threads dedicated to legality and morality with regards to trading in foreign exchange markets. This thread assumes that you have taken your stand about the entire situation and gone ahead with trading in FX.

So further on lets not talk about legal side of trading FX in thread. I'll be thankful if we can keep this thread about inward remittance. Even I will resist replying back to anyone raising alarm bells about legality of FX trading.

 

[fxmaniac]

Yet but its still against Indian Laws....who wants to get caught/arrested/fined etc etc for doing something illegal ?! Too much of a RISK for something as enjoyable as trading! Not worth it with all the trouble that is possible...

Rather F&O in India pays more than that :thumb:

Are you an F&O broker by the way?I seriously doubt that.
The purpose of this thread is to support each other through information sharing and helping to find out ways which could benefit all forex traders(who aren't NRI's) and not act as RBI.As a trader I believe its my right to trade in any commodity despite my social/residence status.I can give away all my wealth to anyone on earth if I want to,forget about investing and trading.Can RBI regulate my philanthropic act saying it will trigger inflation since free money is floated around?Fundamentally it should no?
You have named yourself as sexy trader,but sorry to say there is nothing sexy in what you are doing.Advise is one commodity where supply constatly exceeds the demand.So please stay out of this thread named "remittance from trading".It will be much appreciated.

 

[buccas13]

Dear fxmaniac,

Lets not waste energy in judging others for their actions and intentions. I rather choose to thank them for their concerns.

Dear sexy trader,

I'll request no to take the whole thing as an offence.

Thanks to both.