Legality Of OlympTrade In India
Is it legal to Trade in OlympTrade in India? If legal, what would be the Income Tax implications?
- Sector-1, Noida
The legality of trading in India is intricate. India’s laws around trading are not easily understood. On one hand, it is illegal to convert your money to trade and on the other, there are taxes in place for such gains. There are ways around this. Traders who earn money in USD or another foreign currency are able to catch a break and can use the simplest loophole. Using another currency to trade forex, options, or any other assets is completely legal. Trading on platforms like Olymp Trade can be a great way to earn some money. Trading in and of itself is not illegal in India. A number of Indian institutions allow access to different markets. There is also tax law in place for money earned trading in foreign currencies. What is illegal is directly converting from INR to another currency to trade. There are many ways around this particular issue. To reiterate, the act of trading forex, stock, commodities, indices, etc. is not illegal. The RBI wants to keep traders’ money in INR to maintain their own forex reserve.
Answered on 19 Feb 2020
Didn't find the answer you are looking for?
Talk to experienced lawyer online and get your answered in minutes.