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Query regarding FEMA act and PROI


30-Nov-2023 (In Corporate Law)
I am seafarer in foreign going ship since last 5years. Usually every year i do 1 contract of 5 to 6 months. I get salary in USD credited into my NRE account. Based on my job i think i am consider PROI based on FEMA act. 1st query is presently being PROI can i do the FOREX trading outsode india from NRE account ( Mainly it is derivative i.e. binary option with NADEX north american derivative exchange, its legal in USA and its under CTFC regulation ). I am aware that under RBI regulation of 17th september 2013 it is not legal to do forex trading outside india using online portable. But it is clearly mention for person resident in india So in my case being PROI doing forex trading with overseas broker using online portable is allowed and in legal category ? 2nd - i want to leave my present job soon and concerntrate on above mention trading. so in this case not being PROI can i be able to still continue the overseas trading in forex using NRE money ( under FEMA sec 6 (3) )?
Answers (1)

Answer #1
943 votes
Well, I can legally guide you in this regard. However, questions which you have asked requires detailed legal consultation from my end. Better, either connect on call or meet me in person for solving all your legal queries.
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