My TWO CENTS
I'm not trying to debate or argue ... I read even in few other threads, (this one thread is exclusively on this Legality of FX trading) ... Traders discussing this aspect/s ...
There are few things that i want to ... convey ... disclose ...
For every rule that a Govt makes, there are two aspects - 1 in letter and 1 in spirit.
Same is true about Forex trading (IL)legality as well.
What every one is talking here is about the Letter part of the FEMA / RBI rule prohibiting resident Indians from Forex Trading ... What I'm going to discus about is the Spirit part of the same rule.
In any / every other business, when an individual loses, only he / she loses his / her money. But in Fx, as the transaction happens in USD, when an individual loses, apart from the individual, even RBI (being the custodian of foreign reserves) loses a % of its foreign reserves (USD). And RBI needs foreign reserves to pay for more important imports.
But, who decides this (so called) important imports? How are they qualified to decide on this? How did import of 2G and 3G help (if not for the Spectrum scam) the bottom line economy? Are there any statistics available on the total expense / investment on the same and the actual ROI? Did it change the way a common resident Indian lived / lives?
And what about our kind of traders, who have been bringing in USD, albeit a wrong way? :thumb::clap::clapping:
Law of the Land has rules ... on ... riding 2 wheeler only with a helmet ... driving car only with seat belt on ... Not to drink and drive ... Not to talk on mobile while driving ... against dowry ... against child labor ... about proper declaration of income and filing tax returns ... against domestic violence ... so many ...
How many of these that all of us follow religiously ... that ... we ... Fx Traders are treated as some kind of untouchables ... thieves ... robbers ... or underworld mafia dons ..
As I said, lts not debate .. argue ...RBI has more headaches ...
Lts make hay when sun shines ......
No Offence ... whatsoever ... to any one .. with this post ....
It is just that FX is where The money is .....
The defense rests .. awaiting arguments / replies ...