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) )?
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Corporate lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."