India Forex Brokers

May 20, 2013 3:15 pm

India_ForexBest forex brokers in Greece reviewed by Find out where to trade currency, stocks and commodities in India. When it comes to Forex or foreign exchange in India, the trading is not allowed. In case a person is charged guilty of trading forex market or forex instruments by the RBI (reverse bank of India), their representatives will come and the person will be charged of violation of law. Therefore, you need to know that it is considered crime to trade Forex within the territory of India. You can even go to jail.

Since 2011, the forex trading in India is considered as illegal. IT has been confirmed by 5 private sectors and banks’ public sector.

However, there is a way to trade Forex, you just have to know the law and be careful. In case you represent a corporation you will be able to trade, and it will not be seen as crime. The conditionality, on the other hand, for the corporations that want to participate in the forex market is to use free dollars taken from their reserves.

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This means that they will not be allowed to trade with RS – the Indian currency and they will not be allowed to exchange $ to RS. Plus they are conditioned to stick to leverage that is less than 10 times.

Aside the fact that corporations are allowed to trade with dollars, individuals are forbidden to do so. No internet or electronic based foreign trading should be conducted – otherwise, a person risks going to jail. Every single trader (considered himself individual), has been warned by the RBI and knows that Forex trading will be considered as crime. Many Indian people want to try trading online because it brings high outcomes, but what they don’t know is this is a crime considered by their state.

Many frauds are easily committed because of the illegality of forex trading in India. This is why the RBI issued instruction stating that other banks have be really careful when it comes to account storage. The reason for this is because lots of those accounts might be used for forex trading, and as mentioned above – this is illegal.

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