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Q. forex trading

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posted 2 years ago trading
according to FEMA forex trading using on online platform using international brokers is illegal. As RBI doesnot want individuals to send money outside of country for currency margin trading.
But there are some international brokers organize contests on forex trading and binary options trading by opening an no deposit account. They provide free credit to participate.
1. Is it legal to participate in those contests and collect the winnings to indian bank account? prize money over 1000$ USD.
1. Can i use that money to further invest in forex trading in their online platform?

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 2 years ago

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A. ) When the such trading is itself illegal then you cannot contest and collect winnings.

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