An Indian citizen cannot send directly or indirectly fund to Overseas forex Brokers. RBI also found that many Overseas Forex brokers open account in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc.
The Reserve Bank of India cautions the public not to remit or deposit money for such unauthorized transactions. Yes, It is right still so many Indian peoples trading in overseas forex trading But actually they are in doing illegal activities. Nowadays RBI is very strict on this issue. Any questions regarding overseas forex trading pls feel free to write in below comments and get a reply to your submitted email id.
I'm Amol Jamdar and I'm here to post some really helpful stuff for stock market traders and investors. The main goal is to help newcomers who want to invest in the stock market. Hello A am studying in phillipenes can I do online forex trading? And can I send money to India Is it legal? Can I create a company overseas and trade in the name of that company from India with an overseas trader?
Any ways, Overseas forex trading by using online overseas forex broker is not permitted by RBI for Indian resident.
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Overseas forex trading with online Overseas forex broker is not permitted. So u cant open account if you are Indian citizen. Forex trading is illegal in India but many offshore forex brokers have office in India and canvasing the client to open the account company like Bluemax capital,Hantech markets ,Even forex.
NRI also be an Indian citizen. We have engaged with one indian bank. It will do every thing… One forex broker told me… Is it true. I do accept as true with all of the concepts you have introduced to your post. They are really convincing and can definitely work. Nonetheless, the posts are very brief for beginners. May just you please extend them a little from next time? Thank you for the post.
Can you suggest platforms dealing in INR pairs through which indian resident citizens can trade in forex? But my question is I have few overseas forex broker right.. I want to know Please, anyone, help me…..
Foreign forex trading platforms are illegal in India
List of legal broker. Olymp trade is a Gambling on forex…so it is illegal… you can consider it as both illegal and legal because there is no such gambling laws to say the act is illegal and Illegal part is trading Forex with online offshore broker is illegal if a person residing in India!
So try to stay away from it! Or face the consequences by your own risk!
What is Forex?
Punishment is non bailable …get ready to go for jail. Jaswaanth, explain much better way, you are just scaring people who trading using the overseas forex account. There are many companies like octafx also options like, olymptrade, iqoptions which are not banned by the government or taken any actions.. Forex Trading is allowed for NRI. It is consider as illegal. Forex trading is not illegal for NRIs.
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You have to follow the rules of the country where you live and where you make money. Note: Consult your financial advisor before trading. I live in india but as per FEMA definition i am consider as Resident outside india as i work on foreign going ship. Similarly, industry experts have said the government might succeed in blocking known sources of platforms permitting trading and investment of cryptocurrencies, according to a report in Business Standard.
Still, the measure taken will not be foolproof in successfully executing the ban because of VPN other options. The debate over the ban on cryptocurrencies in the country has made many investors anxious. But the Centre had tried to alleviate the concern by giving signals that there won't be a blanket ban on it. Recently, in India Today Conclave, Finance Minister Nirmala Sitharaman made it clear that there will not be a complete ban on cryptocurrencies or at least the technology part of it.
We will allow certain windows for people to do experiments on blockchain, bitcoins, or cryptocurrency," Sitharaman said.
Forex Trading in India – Legal or Illegal – A Critical Analysis
However, some reports last week stated that the Centre is likely to propose a law banning cryptocurrencies in India. The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading, and transferring crypto-assets.
If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession.