FEMA foreign exchange

Querist : Anonymous (Querist) 29 March 2010 This query is : Resolved
Dear Sir,

I have an Resident Foreign Currency (domestic) account.

The credits to this account are in USD and all from US and UK individuals and organizations to whom I have provided freelance technical services over the Internet.

Can I invest in derivative contracts traded in the USA?

Thanks and Regards,

Kaushal

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Parthasarathi Loganathan (Expert) 29 March 2010
RFC(domestic) account is meant only for NRIs returning from abroad and bringing in permitted Foreign currency

Raj Kumar Makkad (Expert) 29 March 2010
No. You cannot invest such remittance as desired.

Querist : Anonymous (Querist) 31 March 2010
I am a resident Indian, never travelled abroad.

I wish to trade only derivatives contracts (not equity stocks/shares)of US exchanges.

Is there any way I can do so? I have an income in $ from USA/UK providing services over the Internet. Thank you

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