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doubt on Forex Trading
Hi Friends,
My friend(NRI) is having forex trading account in US and he is living in US. He requested me to trade forex on behalf of his account in USD combinations.
As per my knowledge it is offense of trading USD combination.
Could you please help me that can I do trading on behalf of him in India.
There are lot of threads about forex trading in this thread. Please read them...
Never trade on behalf of others specially when money matters and speculative trading is concerned. A lot of things can go wrong.
Besides, there are RBI / FEMA rules that prohibit resident Indians from this kind of arrangement. And lastly, there's the I-T department and even your local bank who might ask questions.
RBI / FEMA rules prohibit Resident Indians to convert Rupee into other currency for speculative trading ...
If a westerner has a FX account, YOU CAN CERTAINLY TRADE ON HIS BEHALF ... Yours faithfully is doing it since 6 years without breaking a sweat ..
When it comes to filing IT returns, you have to take all your income sources into consideration ... FX Income as a stand alone income does not matter at all
Shoot if you have any FX trading related doubts ...........
Yeah, it's better to get answer from larger forums, such as FPA and forexfactory etc.
