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Not direct bank wire transfer but its through one of the online payment processor called skrill. My withdrawal amount if way too small so no problem yet.
Trading As A Business | Investopedia
Resident Foreign Currency (Domestic) Account
Residents can open Resident Foreign Currency (Domestic) Account with a bank in India for crediting:
9- Those traders who must be making good profits must have been providing a solid reason of this income to the income tax department every year coz they cannot tell that this income is from forex.
If purchasing DOLLAR with RUPEE and then selling for profit is illegal, then they allow trading in USD/INR, GBP/INR, EUR/INR pairs ? These pairs are allowed on many many exchanges such as NSE, MCX..and also allowed by brokers such as ICICI Direct, Sharekhan.
So it is clear RBI is banning forex just to save Indians from being scammed by forex brokers and to prevent outflow of INR to foreign countries. This is alright.
and i also like said above friends,there is way to earn without using indian currency and some people may not know through contests winnings
Can you please share your real Name in Comment (Please be open and share the full details) if you have anything really concrete.
I am not an expert but if the FX trading is illegal for indviduals? then why one of the biggest indian bank Sate Bank Of India (SBI) allows it to personal It here: