Some of my forecasts
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I don't think we are permitted to remit money how adi bhai? I know its confusing but in general I think if you won a demo contest and get some live money to start trading from the company itself or a person outside india who is not an Indian resident funds money for you that money is out of the government Jurisdiction as the money is not of converted from INR ! It stand as an original foreign money and there is no form of remitance or funding invlded from india that is risk free! rbi doesn't want usd to convert Indian money to Usd and loose it in forex as this will effect the economy if the money itself is not a property of india you can use it risk free forex trading and as well there is no law" mentioning that you cannot trade in forex! the law is only for converting INR to usd and using it for margin or forex trading aborod
No No bhai I myself believe that forex trading is legal if money is remited from abroad and is originally International money! If forex trading was legal from india why are the banks being ordered by rbi to stop allowing payments for forex trading like declining the payment when funded for retailfx! why are people using loopholes like alertpay,moneybookers why are they lying to the banks where the money is coming from?
Arrey yaar Saifu.... you are confused with LRS.... It is Liberalized Remittance Scheme.... Its available for only Resident Individuals..... You should be an Indian Resident as well as an Individual to take the benefit of this scheme.....
However, if you are a company and want to remit money abroad there as other means for it... So, is the case for individuals... If individuals don't want to use LRS, they are free to use other means of remittance
However, if you are a company and want to remit money abroad there as other means for it... So, is the case for individuals... If individuals don't want to use LRS, they are free to use other means of remittance
Adi bhai Please explain the imp regarding forex related to LRS here is what I found -
What are the prohibited items under the Scheme?
Ans. The remittance facility under the Scheme is not available for the following:
i) Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty;
iii) Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market;
iv) Remittance for trading in foreign exchange abroad;
v) Remittance by a resident individual for setting up a company abroad;
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan;
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories”, from time to time; and
viii) Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Now Point number 2 and 4 ! is that if you fund from India you are in trouble this is LRS Bhai right?
What are the prohibited items under the Scheme?
Ans. The remittance facility under the Scheme is not available for the following:
i) Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty;
iii) Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market;
iv) Remittance for trading in foreign exchange abroad;
v) Remittance by a resident individual for setting up a company abroad;
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan;
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories”, from time to time; and
viii) Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Now Point number 2 and 4 ! is that if you fund from India you are in trouble this is LRS Bhai right?
As far as using Loopholes is concerned... I don't know of any.....
What I can say is people are afraid of taking prior permission from RBI.... FEMA states that we need to give a Declaration to RBI within stipulated time..... As soon as retail people like us hear it, we run away from RBI as far as we can.... and people state that Forex Trading is illegal just because we need to take prior permission
How may people have black money in India
What I can say is people are afraid of taking prior permission from RBI.... FEMA states that we need to give a Declaration to RBI within stipulated time..... As soon as retail people like us hear it, we run away from RBI as far as we can.... and people state that Forex Trading is illegal just because we need to take prior permission
How may people have black money in India
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