Dear All,
Those of you who are Indian residents and used to trade forex forget about it, better try to go abroad to trade FX or switch to Indian markets if you are an Indian.
No matter what any trader or FX broker tells you FX trading is illegal from Indian residents whether you remit directly or indirectly through friends abroad .... forget about sending the money .... just trading FX is illegal for Indians period.
No way around this.
Don't believe any broker who has setup office in India & tells you they are authorized because they are not, recently I called up Admiral markets India and they gave me some cock and bull story of loopholes and how they are legally allowed to be FX brokers in India and what not
All crap .... if you don't believe me just go to RBI PR section and ask, you can try to make an appointment with the PR officer also and learn for once and for all its illegal.
Also don't believe any trader in this forum or any other who tells you he trades FX for a living because they don't .... no one is. I have challenged anyone to show me there tax returns (with It dept chappa saying received & remove personal info) saying income from foreign exchange and no one has.
I do know one fellow who is trading FX from home for five years (now almost 7 not sure) but he hardly made any money and never filed returns because he didn't make even 3.5 lakhs a year from FX.
I also know one or two other people who trade FX from home but they do managed accounts with big promises and are consistent losers .... total scammers with big talk who have lost money of lots of people. They trade with big risk and obviously have few wining trades and show some money in the account statement and get a commission and then the rest of their trades are losers and they lose everything ... all the investors money but they kept the commission from the few winning trades. they ruin the investor and then look for new bakras with all their big promises and best part is they always find new bakras and proceed to lose all their money as well.
So be careful guys don't fall this
So for once and for all its illegal for Indian residents to trade FX and no one is doing it and paying taxes. I assure you
Check RBI or atleast see this TV expose
Those of you who are Indian residents and used to trade forex forget about it, better try to go abroad to trade FX or switch to Indian markets if you are an Indian.
No matter what any trader or FX broker tells you FX trading is illegal from Indian residents whether you remit directly or indirectly through friends abroad .... forget about sending the money .... just trading FX is illegal for Indians period.
No way around this.
Don't believe any broker who has setup office in India & tells you they are authorized because they are not, recently I called up Admiral markets India and they gave me some cock and bull story of loopholes and how they are legally allowed to be FX brokers in India and what not
All crap .... if you don't believe me just go to RBI PR section and ask, you can try to make an appointment with the PR officer also and learn for once and for all its illegal.
Also don't believe any trader in this forum or any other who tells you he trades FX for a living because they don't .... no one is. I have challenged anyone to show me there tax returns (with It dept chappa saying received & remove personal info) saying income from foreign exchange and no one has.
I do know one fellow who is trading FX from home for five years (now almost 7 not sure) but he hardly made any money and never filed returns because he didn't make even 3.5 lakhs a year from FX.
I also know one or two other people who trade FX from home but they do managed accounts with big promises and are consistent losers .... total scammers with big talk who have lost money of lots of people. They trade with big risk and obviously have few wining trades and show some money in the account statement and get a commission and then the rest of their trades are losers and they lose everything ... all the investors money but they kept the commission from the few winning trades. they ruin the investor and then look for new bakras with all their big promises and best part is they always find new bakras and proceed to lose all their money as well.
So be careful guys don't fall this
So for once and for all its illegal for Indian residents to trade FX and no one is doing it and paying taxes. I assure you
Check RBI or atleast see this TV expose
Code:
http://www.youtube.com/watch?v=KmSqP8ZjZw0