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Q. To know the cross currency online tradding is legal or not

Q.To know the cross currency online tradding is legal or not
Dear sir / madam,

* I want to know cross currency forex trading in india is legal or not.
ex,. EUR/USD, GBP/USD...

* We can trade by Foriegn online brokers from india is legal or not.. like fxpro.com, ifcmarkets.co.in
Kindly suggest me..

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 3 months ago

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A. ) Dear Sir,
It is legal to some extent.

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Anonymous

Replied 3 months ago

Can u pls give correct sollution. If i want deposite foreign online brokers for cross currency gbp-usd. Cause dome telling its legal and some telling its illegal..

But. Allowed in rbi.. pls give solution.

https://m.rbi.org.in//scripts/FAQView.aspx?Id=29

https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=10172&Mode=0

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Shreyash Mohta

Experience: 1 Year(s)

Responded 3 months ago

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A. ) it is legally allowed to trade Forex within Indian Exchanges like BSE, NSE, MCX-SX. As per RBI guideline, all Indian resident including banks and financial institutions can do forex trading in currency pairs. The main currency pairs are USDINR, EURINR, GBPINR and JPYINR

Legality of Online Currency Trading in India

The answer is - No - to the most asked question - "Is trading forex legal in India?"

No Indian citizen can undertake forex trading in India through any electronic or online forex trading platform. The RBI had issued a circular in 2013 prohibiting overseas forex trading through electronic or internet trading portals.

So, Forex Trading in India is Legal or Illegal?

“Is forex trading legal in India and how to trade forex in India legally?” are the questions which have been the point of pressure for people dealing in foreign exchange.

To inform you better, forex trading is legal in India, only if you do it through registered Indian forex brokers. However, a forex trade between two foreign currencies is illegal in India.

In India, forex trading is legal if the base currency is The Indian Rupee (INR). This means if any Indian forex traders do overseas forex trading from India, then it is illegal.

Indian citizens are not allowed to send funds overseas to foreign exchange brokers both directly and indirectly.

However, depending on certain conditions, you can carry off the process of currency trading. India may have set some rules, but it's subject to the agreements signed between India and other countries.

Thanks
Shreyash Mohta

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Anonymous

Replied 3 months ago

Pls check rbi notification.. in 2015 rbi allowed forex trading between two foreign currency is legal.

https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=10172&Mode=0


Kindly suggese a best..

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Anonymous

Replied 3 months ago

https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=10172&Mode=0

Pls check this address.. rbi allowed cross currency trading in india.. kindly suggest me a best

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