Presently all Indian Banks are involved in FX. The RBI has denied FX trading for Individuals, unless it is used for personal travel, but has permitted Banks to trade currencies online.
Try 4xindia for more details. Just ask your questions there and get cleared. They provide all the relevant forex tips. Even Marketiva many people say they are doing fine. But I have not tried personally it and I am really not sure that what they are doing is legal. So here are the regulations by RBI:
The Reserve Bank of India (RBI), which is the national bank of India, has a lengthy set of regulations that govern Indian citizens' foreign exchange (forex) activity. The Foreign Exchange Management Act (FEMA) of 1999 does not allow private Indian residents to trade in overseas or domestic forex markets. Unscrupulous investment companies, both foreign and domestic, may contact gullible citizens and entice them into investment or trading schemes, which is a reason RBI gives for such regulations, according to the India Times. Rather than trading for themselves, the RBI requires all Indian citizens to trade with an authorized broker under specific guidelines.
Read more: http://www.ehow.com/info_8614773_rbi-for...
But here is a more extensive answer to a similar prior query in YA:
http://in.answers.yahoo.com/question/ind...
Hey,
In response to this question, About forex trading in india?, I tell you that may be this site can help you http://onlinetradingfaqs.com
As you asked; "Is trading in currency pairs like usd-eur, eur-gbp etc legal in india?? i know of many people doing this through brokers and just want to confirm before putting my mone in it...as i know only INR pairs are allowed in India." I hope it might help you.
Good Luck :)
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Is trading in currency pairs like usd-eur, eur-gbp etc legal in india?? i know of many people doing this through brokers and just want to confirm before putting my mone in it...as i know only INR pairs are allowed in India.
