piyush 25 October 2019

Forex trading in india

forex trading in india is legal or illegal. many people are trading in foreign currencies (xauusd,gbpusd,usdjpy,eurusd etc.) now a day many youth in india are working in forex trade . many fording broker companies are active in india. these companies are fbs , cabana,zerodha,fxtm,octa fx.we can see that various advertisement on social media for quick earning by small investment. please give appropriate guidelines to youth so that they will be safe . now a day we are looking good option for earning in forex trading.

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6 Replies

Sb Karma 25 October 2019

Hello piyush

Forex trading is not illegal completely in INDIA,you can trade but it restricted certain currencie.In India you can trade within the bracket of following currencies----

USD-INR, YEN- INR, GBP- INR and EUR-INR pairs and in cross currencies you can trade on within EUR-USD, GBP-USD, and the USD- JPY pairs.

But RBI is preparing a platform for SMEs which is under observation after complete of it RBI will launch the plateform where retail investors can trade in Forex currencies,but still then you need to go through other brokers who provide forex trade.

You can read the RBI notificaation for setup of Forex trade (link geven below)

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8427&Mode=0

Hope it will clear you doubt!

piyush 26 October 2019

sir this is old notification of reserve bank of india released in 2013. please tell me new guidelines of reserve bank of india.

Sb Karma 30 October 2019

Hello piyush

On base of this notification they process to established plateform,and may be within this FY RBI will launch the plateform for all retailers,Untill then you can trade only on above pairs of currencies.

In India you can trade within the bracket of following currencies---- USD-INR, YEN- INR, GBP- INR and EUR-INR pairs and in cross currencies you can trade on within EUR-USD, GBP-USD, and the USD- JPY pairs.

piyush 30 October 2019

thanks for your vallauable suggestion. I am searching from a long time . can I file RTI to reserve bank of india for getting exact information .

Sb Karma 31 October 2019

Originally posted by : piyush
	thanks for your vallauable suggestion. I am searching from a long time . can I file RTI to reserve bank of india for getting exact information .

yes sure you can go through RTI

Wasim Kudchikar 10 December 2023

Hello SB Karma,

Can I trade XAUUSD(Spot Gold) in forex via FXTM, XM, OctaFX as an indian citizen? Will I face any trouble from income tax and Enforcement Directorate(ED) due to this?