Forex trading in india rbi guidelines4quilting
The central bank has been trying to curb the offshore rupee market by asking banks to cut down on overnight positions as well as asking foreign i. Further, AD Category-I banks were also advised to exercise due caution in respect of the accounts being opened in the name of giudelines4quilting or proprietary concerns at diIgnoredIt is illegal to collect money for the purpose of FOREX indix in India according to RBI.
There is no rules or guidelines mentioned specifically for individual traders. Once you have made a withdrawal make sure to pay the Income Tax(if applicable) which is completely legal, least not illegal. Hello Guys, I am also from India, I prepared all the ground work for Forex Trading, but after learning about RBI note, I need to know, what is the best way to Deposit and Withdraw from FX account. Please suggest how you guys are doing the same. Mumbai: The RBI cracked down on offshore foreign exchange trading by Indians through online trading websites, asking banks to report any such remittances to the regulator.
Marketcalls already had a earlier post on the legality of International forex trading and CFD trading in India.In a circular issued late on Tuesday, the Reserve Bank of India (RBI) asked banks to advise customers not to undertake forex trading on foreign websites that offer cu.