Remittance of profits from trading
- Thread starter buccas13
- Start date
Why should I be a F&O broker ?! I trade in F&O....why should I broker ?!
You are free to do as you please, no issues!
I'll stay out :thumb:
You are free to do as you please, no issues!
I'll stay out :thumb:
Well, people who are afraid will never achieve anything in life.
If you start a business, the first thing to do is to get the cashflow coming in. Not worry about incorporation and all that administrative BS.
There are people that follow Every Single Rule in the Book and Go Ahead and Succeed in Making Absolutely 0 Money. (I was one of them, so I know)
On the other hand, there are people that don't know anything about the legal hoopla but they just do what is essential which is bring in the money.
After a while they learn they gotta follow the rules and then they do the admin stuff.
So when we say FEMA and RBI and all, just remember, nobody in RBI has time to hunt for your petty 300$. They're too busy keeping the country running.
Unless you're making a million dollars/month and you're worried about the money coming inside to India, I suggest you don't bother yourself with these rules.
Cheers,
Btw, my account is yet to be credited by ICICI bank(partially my delay), they are asking for some declaration. I'm just going to sign the doc today and let you know of the status when it's done.
P.S: No offence to anyone, but this is just my opinion.
If you start a business, the first thing to do is to get the cashflow coming in. Not worry about incorporation and all that administrative BS.
There are people that follow Every Single Rule in the Book and Go Ahead and Succeed in Making Absolutely 0 Money. (I was one of them, so I know)
On the other hand, there are people that don't know anything about the legal hoopla but they just do what is essential which is bring in the money.
After a while they learn they gotta follow the rules and then they do the admin stuff.
So when we say FEMA and RBI and all, just remember, nobody in RBI has time to hunt for your petty 300$. They're too busy keeping the country running.
Unless you're making a million dollars/month and you're worried about the money coming inside to India, I suggest you don't bother yourself with these rules.
Cheers,
Btw, my account is yet to be credited by ICICI bank(partially my delay), they are asking for some declaration. I'm just going to sign the doc today and let you know of the status when it's done.
P.S: No offence to anyone, but this is just my opinion.
Last edited:
Even F&O wasn't allowed a while back, what if the government gets rid of it again? Then we should make peace with that too?
I guess we all have our own cost-benefit analyses that we do, every time we make a decision in life & all of us can look at the same thing very differently; you may deem forex-trading too risky while others may like the higher leverage, good trading-platform with variety of customizable indicators, trading without annoying price-gaps & many other features - BUT the point is, do we let a bunch of stupid politicians & bureaucrats dictate our lives? Do we accept this slavery imposed upon us by the ruling-class? Some do, others don't
Rebelling against the British government was also "illegal"! Just saying!
So far as getting caught/fined/arrested, how many have been so far? I don't think most people even earn so much to get noticed very easily, & those who are capable of raking in millions will have their ways of dealing with the "illegality" of it, be it getting good lawyers, leaving the country or whatever
The argument about "inflation" that is often thrown around by some to support government-dictatorship over people's lives is totally erroneous because anyone who understands macro-economics well would realize that the only significant factor pushing the long-term inflation is governments creating more & more money & thereby devaluing it, in the short-run, fluctuations are not only inevitable but also desirable for the markets to continuously re-allocate economic resources to the best use
Firstly, even if value of INR goes down because of people exchanging more of it for other currencies, what are the receivers of INR going to do with it, they are going to be unlikely to want to hold it because it's not a global-currency due to currency-controls & hardly anyone is going to accept it for payment so eventually, one way or another, it must used to buy something from India, so it ends up back in India anyway
Moreover, while the currency has gone down, it makes the country's goods, services & labor cheaper for other countries to buy, which means higher exports of goods, services & labor, and again, what will they need to buy all that - INR - which will increase INR's value back up UNLESS the Indian government has been busy creating more INRs & devaluing it
So the markets are always working back & forth like this, in order to allocate economic resources in the most efficient manner so as to offer the cheapest goods & services to everyone everywhere - it doesn't need omniscient, angelic communist dictators & politicians & bureaucrats, & that's why governments need to stop PRETENDING that they can control the markets, they CAN'T period
Again, the only significant factor behind long-term inflation is always government, often it's the continuous creation of more money which lowers it's value which reflects as inflation, along with it there may be "regulations" or taxes & what not, imposed by government, that hinder the market from working efficiently to facilitate efficient production & distribution of goods & services
Currency-controls actually keep the currency WEAK, not strong because foreign investors are usually wary of such countries because of difficulty in getting their investment back, not to mention, countries with currency-controls are notorious for devaluations - it's profitable for government but bad for people holding the currency & assets denominated in it
So less money & investment coming into the country means less demand for INR that there would otherwise be, which means the currency is weaker than it would be under a free-floating currency-regime (that's why most developed countries float their currencies)
I completely agree with your sentiment that a person should be free to invest his/her money the way he/she desires, and there's nothing immoral about forex, we aren't stealing or cheating or killing or coercing anyone so it's not immoral in any way so it shouldn't be "illegal" either, just because a bunch of economically illiterate politicians, bureaucrats & wanna-be-dictators think that it's "bad"
I guess we all have our own cost-benefit analyses that we do, every time we make a decision in life & all of us can look at the same thing very differently; you may deem forex-trading too risky while others may like the higher leverage, good trading-platform with variety of customizable indicators, trading without annoying price-gaps & many other features - BUT the point is, do we let a bunch of stupid politicians & bureaucrats dictate our lives? Do we accept this slavery imposed upon us by the ruling-class? Some do, others don't
Rebelling against the British government was also "illegal"! Just saying!
So far as getting caught/fined/arrested, how many have been so far? I don't think most people even earn so much to get noticed very easily, & those who are capable of raking in millions will have their ways of dealing with the "illegality" of it, be it getting good lawyers, leaving the country or whatever
The argument about "inflation" that is often thrown around by some to support government-dictatorship over people's lives is totally erroneous because anyone who understands macro-economics well would realize that the only significant factor pushing the long-term inflation is governments creating more & more money & thereby devaluing it, in the short-run, fluctuations are not only inevitable but also desirable for the markets to continuously re-allocate economic resources to the best use
Firstly, even if value of INR goes down because of people exchanging more of it for other currencies, what are the receivers of INR going to do with it, they are going to be unlikely to want to hold it because it's not a global-currency due to currency-controls & hardly anyone is going to accept it for payment so eventually, one way or another, it must used to buy something from India, so it ends up back in India anyway
Moreover, while the currency has gone down, it makes the country's goods, services & labor cheaper for other countries to buy, which means higher exports of goods, services & labor, and again, what will they need to buy all that - INR - which will increase INR's value back up UNLESS the Indian government has been busy creating more INRs & devaluing it
So the markets are always working back & forth like this, in order to allocate economic resources in the most efficient manner so as to offer the cheapest goods & services to everyone everywhere - it doesn't need omniscient, angelic communist dictators & politicians & bureaucrats, & that's why governments need to stop PRETENDING that they can control the markets, they CAN'T period
Again, the only significant factor behind long-term inflation is always government, often it's the continuous creation of more money which lowers it's value which reflects as inflation, along with it there may be "regulations" or taxes & what not, imposed by government, that hinder the market from working efficiently to facilitate efficient production & distribution of goods & services
Currency-controls actually keep the currency WEAK, not strong because foreign investors are usually wary of such countries because of difficulty in getting their investment back, not to mention, countries with currency-controls are notorious for devaluations - it's profitable for government but bad for people holding the currency & assets denominated in it
So less money & investment coming into the country means less demand for INR that there would otherwise be, which means the currency is weaker than it would be under a free-floating currency-regime (that's why most developed countries float their currencies)
I completely agree with your sentiment that a person should be free to invest his/her money the way he/she desires, and there's nothing immoral about forex, we aren't stealing or cheating or killing or coercing anyone so it's not immoral in any way so it shouldn't be "illegal" either, just because a bunch of economically illiterate politicians, bureaucrats & wanna-be-dictators think that it's "bad"
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