Is forex trading illegal in india?

Hello all

Trading forex is illegal in India except for the following pairs 1)USDINR, 2)EURINR, 3)GBPINR, 4) JPYINR, which is ridiculous, because these pairs do not have liquidity. Moreover no Indian Broker who is registered with SEBI, provides MT4 platform.
But it is true that innumerable Indians tarde in forex. So the law is very very ambiguous.
It seems, for any ordinary guy it is illegal, whereas for VIPs they can find out a way to prove it is legal.
I have been trading forex for last 3 years and continuously keeping track of the things.

Thanks
Prasanna
 
Forex trading is illegal not only in india but in many countries of the world. If you deposit money in your broker's account and keep losing them then you might get investigated about it, so its better to buy e currencies and then load in your trading account.
 
Hello all

Trading forex is illegal in India except for the following pairs 1)USDINR, 2)EURINR, 3)GBPINR, 4) JPYINR, which is ridiculous, because these pairs do not have liquidity. Moreover no Indian Broker who is registered with SEBI, provides MT4 platform.
But it is true that innumerable Indians tarde in forex. So the law is very very ambiguous.
It seems, for any ordinary guy it is illegal, whereas for VIPs they can find out a way to prove it is legal.
I have been trading forex for last 3 years and continuously keeping track of the things.

Thanks
Prasanna

Hello Prasanna ji,
Can you help me with legal way of trading forex in India?

Many thanks,
Utkarsh
 
Hello Prasanna ji,
Can you help me with legal way of trading forex in India?

Many thanks,
Utkarsh

Am not really sure of the legal way by staying in India, but one thing is that this rule is not applicable to NRIs, so if you have some friends or relatives NRIs whom you can trust, you can always trade through them. Also using e-currencies will reduce the risk of being noticed by RBI.
 
Officially forex trading is banned in many countries but the authorities don't take the matter so seriously and many people from those countries trade freely.
 
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