Forex Trading in India

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There is a lot of debate regarding the issue of forex trading in India. The discussion pertains primarily to the legal context surrounding forex trading in India. There are many websites and discussions in forum threads where people say trading in the foreign exchange market is legal for residents of India. Some try to back this claim with sections of the regulation from the Reserve Bank of India. At the end of the day, when it comes to serious matters such as legal issues, etc. It is best to do the homework for yourself and not just blindly follow what anyone says. According to my own research, I have clearly found it to be illegal to trade in the currency markets as a resident of India. Evidence for my claim comes from the fact that the economic times of India published a report in May of 2009 declaring that the RBI made a statement proclaiming that any form of trading in the forex market is illegal for Indian residents.

Where there is a will there is a way however, as many Indian residents are trading in the forex market, and some even say they are claiming their earnings yearly on their taxes. Whether people are trading from offshore accounts, or have found some loopholes in the regulations which allow you to trade, that I cannot say.

It is a bit of a shame however since the forex market is very. Indeed it is the largest market in the largest market in the world with over 4 trillion USD being transacted every day! There is great potential to make a significant amount of money trading currencies, however with great reward comes great risk, and that should always be a prominent fact in the minds of anyone participating.

But I ask the readers €" are you aware of the laws surrounding the matter of trading forex in India? Do you personally trade or know anyone who partakes in the market? What have you heard about this matter? And what are your opinions? Do the you think the Reserve Bank of India is justified in its decision to shelter Indians from the forex market? Or do you think they should adopt a policy of education rather than restriction. I'm in favor of the latter personally, but until I get a chance to make the laws, I can only share my opinion.
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