Legal Question in Business Law in India

hello SIR/MAM

my question is regarding forex trading in India, I know some of the main laws imposed on Indian regarding forex currency trading, ultimately currency pairs involving inr can be use trade in binary market.

My question is like this, consider I am a freelancer programmer and developer and I provide my freelancing services on a website which is not based on India but allows Indian to provide their services. I earn money in usd in my e-wallet like neteller which also is not based in India but allow Indian to hold money. I want to use that money for forex currency trading like binary trading on a platform which also not based in India but allow us to trade. From there I want to transfer my profits to my e-wallet to my Indian bank account. As it does not involves debiting money from my Indian bank account for forex and hence does not affects Indian forex reserve. Will it be 100 % legal or not, I am ready to fulfill all my taxing duties for this income. Will it be 100% safe. How should pay my taxes , as freelancer or as a trader. Because involving Trading can give me troubles even though I will not be doing any thing illegal. If it is 100% legal process then please advice me some measure I should follow to myself away from troubles.

Thankyou vey much


Asked on 10/18/16, 11:57 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

21.10.2016

Dear Sir / Madam,

For FOREX trading, you will need to abide by the rules and regulations specified by the Reserve Bank of India and you need to comply with the provisions of the Foreign Exchange Regulation Act (FERA).

Regards,

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Answered on 10/19/16, 2:46 am


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