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  • mrigank_shekhar04

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    5 months

    Clarity about FCA (foreign currency account) in GIFT city

    Hi, I am a trader in stock market and have been looking to trade in international markets mostly currencies(forex trading). Since then I've been reading up about it and have found out that it is illegal under FEMA act of 1999. But recently (July'24) there has been news about Indian residents being allowed to have foreign currency account and can remit upto $250K for transactions. Link - https://arunasset.com/resident-indians-can-now-open-foreign-currency-accounts-gift-city-means/ There are many more articles covered by newspaper if you google - Forex Gift city Now my question is does this mean that If I open a FCA account in gift city, I can legally do forex trading with foreign brokers and prop firms? I have no problem with paying taxes
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