Oversea Forex Trading transaction and zeroise international credit limit.

[cagbaazee]

Dear Friends

I m from INDIA, I have just got letter from my HDFC Credit card deptt that any online

trading transaction through credit card attracts FEMA(foreign Exchange management act)

and reserver back of india donot permit remittance in any form towards overseas foreign

exchange trading ( including through electronic / internet trading portals or by use of

credit /debit cards)

I hv been doing online business since last couple of years and am doing comfortably

transactions through my credit card.

Now at this juncture when bank is going to stop my credit card transaction what could i

find its alternative solutions? please suggest and help solve my problem.

Thanks

[rsot]

You need a professional financial consultant savvy in India financial system...go and consult one

[aspkin]

What do you currently use? What payment processor/merchant account? And what do you use it for?

[cagbaazee]

hi

I am doing online business - buying and selling. I use payment processor thru paypal which is automatically deducted from my credit card.

According to RBI has stop people like me to use the transaction from my credit card. They say it is illegal one to do online business. U cn checkmore information at Bloomberg UTV : Forex Trading is Illegal in India : Critical Analysis


A letter from my bank -
Do help me .

Thanks

Originally Posted by aspkin

What do you currently use? What payment processor/merchant account? And what do you use it for?

[aspkin]

So you use PayPal to facilitate Forex transactions (Which according to you is illegal to do in your country?)

Why not stop using the credit card and start using hard cash? Money in your bank? It's risky to use your credit card not just because the interest involved but due to the nature of your investments (HIGH risk forex transactions). It's speculative at best.

Can't say much more other than maybe try other 3rd party processors, maybe bitcoin related but than again you're pushing your luck.

[cagbaazee]

Originally Posted by aspkin

So you use PayPal to facilitate Forex transactions (Which according to you is illegal to do in your country?)

Why not stop using the credit card and start using hard cash? Money in your bank? It's risky to use your credit card not just because the interest involved but due to the nature of your investments (HIGH risk forex transactions). It's speculative at best.

Can't say much more other than maybe try other 3rd party processors, maybe bitcoin related but than again you're pushing your luck.

Please Note : i use to purchase items frm alibaba/ other site and resell at ebay.. All they request credit card., Check the letter enclose in my last reply.

[rsot]

Rajinder Kumar, have you gone to other banks to explore options?

[GreenBean]

Originally Posted by rsot

Rajinder Kumar, have you gone to other banks to explore options?

Why use his name on a stealth forum?

[cagbaazee]

Hi
I went to the bank for instructions and they said that all are same - Rules and regulations of RBI. The process of sending money is same as of the other bank too. So i want to stop using Credit card and use my cash.. How will it work ?
Help....

Originally Posted by rsot

have you gone to other banks to explore options?

[rsot]

Originally Posted by cagbaazee

Hi
I went to the bank for instructions and they said that all are same - Rules and regulations of RBI. The process of sending money is same as of the other bank too. So i want to stop using Credit card and use my cash.. How will it work ?
Help....

Perhaps you should research on setting up your own business in India.

As for credit card - few options to consider: 1) Other credit card provider? 2) Entropay (online virtual credit card service) 3) Gift card use