Is forex trading in a funded account of proprietary trading firms permitted as per FEMA and other RBI regulations?
Many proprietary forex trading platforms like FTMO are included in the Alert List Published by RBI. Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. This list is not exhaustive and is based on what was known to RBI at the time of publication. However in the case were a trader trades in a FUNDED account, will the trades made by him in the funded account be deemed to be services provided by an employee/contractor, and the share of profit received by him deemed to be in the nature of salary/commission/consultancy fee? Would the trades taken by the trader on behalf of the firm be non-permissible/illegal (trading in FCY-FCY contracts illegal?) under FEMA and other RBI regulations? Throw some light on the taxability of share of profit received by the resident trader.
India’s forex reserves rise at fastest pace since August 2021: RBI data
India’s foreign exchange reserves rose to $544.72 billion in the week through Nov. 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday. The country’s reserves were at $529.99 billion by Nov. 4. They are still down from around $630 billion at the beginning of this year as the RBI sold a portion of the reserves to prevent a sharp fall in the rupee this year. Also Read :Federal Bank ties up with JCB India to finance heavy equipment buyers In the week ended Nov. 11, softer-than-expected U.S. inflation data helped the rupee mark its best weekly performance in about four years and strengthened it to the 80-per-dollar handle for the first time since mid-September. For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar. Read More The Spuzz.com
RBI has given a alert notification regarding various forex brokers including major prop firms like FTMO. What's the impact of this?
RBI has given a alert notification regarding various forex brokers including major prop firms like FTMO. What's the impact of this? What will happen to current forex trading market in India?
Any forex traders here? What is the actual situation with RBI?
There was a news out a couple days ago about the broker alert/red list but afaik they don't carry out trading in India at all just the transfer of money. Is it still in the grey area like it has been or completely illegal? Because these brokers like octfx and fxtm are still functioning and advertising. Serious replies only.
Here’s a fun one: RBI singles scoring a runner from 1st base with less than 2 outs, Postseason History: 1. George Kelly 10-05-1924. 2. Eric Hosmer (2!) 10-14-2015 and 10-23-2015. 3. Austin Nola yesterday. End of list.
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