Finance, Forex and Investments

In India forex trading is not permitted for Individuals - Is it true?

In forex currency trading market an INDIAN individual cannot trade. Means Indian individuals should not trade forex in any form. This is the latest news in the Indian Money market. Is it true? I had given the below sources for your knowledge. 1. http://economictimes.indiatimes.com/markets/forex/individuals-cannot-trade-in-forex-market-rbi/articleshow/7542261.cms 2. http://in.news.yahoo.com/individuals-cannot-trade-forex-market-rbi-20110221-080200-320.html 3. http://www.moneycontrol.com/news/press-release/rbi-advisoryoverseas-forex-trading-through-electronicinternet-trading-portals_524962.html What do you think about this?

Public Comments

1. Well, according to your sources, legally you're not allowed to do it and you haven't been allowed to since 1999. However, as a representative of the eToro platform I know that we have thousands of Indian traders that have been using our FX trading service for years with absolutely no problem or intervention from the government or from their banks. I think that as long as you deposit and withdraw funds via PayPal or similar internet banking solutions, there is simply no way for the government or your bank to follow your transactions. Basically it's a law that right now simply can't be upheld. The problem is that as a result the banks may prohibit you from depositing funds in PayPal or Neteller in the future, that's the only thing they can do. I think the best thing you can do is sign up at eToro and ask our Indian traders about whether they've had any trouble because of this law. You can do so by opening a free demo account and heading over to our public chats. Here's a link to sign up: http://ow.ly/2ULaF We wish you happy trading, The eToro Team