Is forex trading illegal in India?

I traded in 2007 and back then i dont think there was any such rule . after 11 long years when i want to start again i read about posts all over google and even on this site where they say trading forex in illegal . Can someone shed some light on this please .

I have to say it sounded wierd to me too - when I saw that in various places. I still don’t know if it’s true and someone will no doubt be along shortly to tell us.

But here’s an article a little over a year old, which implies that it could be and if so why ;

https://www.zerohedge.com/news/2016-11-23/black-money-backlash-these-are-illegal-workarounds-indias-cashless-chaos

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yeah i read somewhere that trading in forex is Unbailable offence .

Unless it’s changed recently without me knowing, retail forex-trading is certainly illegal in India (and an offence without bail, as you say), unless the Indian Rupee is one currency of the pair traded.

This has always been the situation, for as long as I can remember.

(As you say there are plenty of threads here (and elsewhere) discussing it, so presumably you don’t need links?)

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SO i cant trade EURO/USD ?? wow so its game over for me .

It’s a question for a local lawyer, rather than for strangers in a forum, surely?

My guess is that you can’t. But can maybe trade exact equivalents? Euro Futures, or Euro/Dollar CFD’s?

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Always wanted to do just intraday …:frowning:

Exactly so - for a crime without bail, you really do need to research and know exactly what you are and are not allowed do.

I would expect it applies to any form of Gambling, with the potential for money laundering ? I expect it is inrtended to catch bigger firsh that uou - But you really do need to be completely aware of the real facts

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How is that relevant?

(Futures and CFD’s are no less/more available for intraday traders then spot forex is, if that’s what you mean? Loads of people trade futures intraday for a living).

As Falstaff and Charles so rightly say, the clear thing here is that you need legal advice from a lawyer, not from a forum, before doing anything,

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the local lawyers know no shit about forex .

It’s not something most “high street lawyers” (as we call them over here) would know much about, anywhere, I think.

You might ask a question on kaanoon.com : various specialist lawyers in India who do know all about it may reply to you quite helpfully, hoping to promote awareness of their law-firms in the process. That could be a good source of reliable information.

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i was just hoping that i could find some indian guy here who been trading for couple of years or so and can tell me whats legal and if its risky or not .

where and how can i trade these ?