Is forex trading illegal in india?

[itkraze]

Forex trading is "PROHIBITED" in India, but there are certain loopholes like we are not allowed for depositing the money to convert INR to USD. But there are no restrictions to trade with the money which you earn from online sources like the bonus posting or posting money. Go ahead trade and lead a comfortable life.

So you are saying that indian can trade with online money and what about converting that profit into your local currency? I mean you need the real money for your expenses. Or you used to shop online from the profits you earn in trading.

 

[Sherwyn]

Friends,
I don't see any conclusions on Forex trading's legality in this thread.
What does FPA say? Whether it is legal in India or not??

 

[Whitesnake]

So you are saying that indian can trade with online money and what about converting that profit into your local currency? I mean you need the real money for your expenses. Or you used to shop online from the profits you earn in trading.

When the money is going out of the country its always a problem, and if the income is arriving i don't think so anybody would have problem with it. There are many fund managers from India to manage foreign clients so this is acceptable. "PROHIBITION" is the loophole.

 

[Pharaoh]

I think it's not a simple, straightforward yes or no. There are some very major restrictions (not just in India), but there are plenty of brokers who accept clients from India and even a few brokers based in India (and I know nothing about whether these are subject to any form of regulation or not).

 

[Whitesnake]

Every law has certain loopholes and we should make use of such things if we are in trouble. Am sure that we are not going to bankrupt any major banks by trading.

 

[Sherwyn]

Exactly! There are no straightforward Yes/No!
FPA & it's members, There are certain articles that I've collected from web search. Is there any conclusions you can arrive at? And any loopholes for forex trading?!
1. Take the right route to trading in forex | Business Line
2. Reserve Bank of India
3. Reserve Bank of India
4. Reserve Bank of India
5. Reserve Bank of India

 

[alanrox]

Exactly! There are no straightforward Yes/No!
FPA & it's members, There are certain articles that I've collected from web search. Is there any conclusions you can arrive at? And any loopholes for forex trading?!
1. Take the right route to trading in forex | Business Line
2. Reserve Bank of India
3. Reserve Bank of India
4. Reserve Bank of India
5. Reserve Bank of India

I never heard any punishment nor conclusion. The truth is most of the people trading forex and they have to stop internet to stop FOREX imo.

 

[FringFX]

If I live in India and consequently heard about Forex, then found out about its potentials, I would find a way to trade no matter what!

 

[Whitesnake]

If I live in India and consequently heard about Forex, then found out about its potentials, I would find a way to trade no matter what!

That's what most of the Indians do at the present, trade no matter whatever may be the consequences

 

[FringFX]

I see. So it IS possible. then I can't see why people in other countries can't do the same. On with the show!