INDIA Arbitrage and regulations

[tobyjdawson]

Hi, Our business is an international bitcoin trading business and we have access via API integrations into the leading global exchanges. We can source 1000s of coins a day at best prices. We are trading successfully in a number of countries and we want to create a partnership in India where we send coins there to sell at a premium. Does anyone know how we can take deposits from the India bank out of the country in USD and how we can explore the legal regulations. We want to trade $1m a week but need to take the money out, and we are happy to pay taxes and costs. Any advice would be appreciated as we can't seem to get the information anywhere.

[1715079424]

1715079424

[cryptoheadd]

Paypal or Wiretransfer would be the best way to send money out of India.
Can you share the name of your company?

[bitex.in]

In india there is no law work for bitcoin ............indian government just taking  views from public what he can do and what indian minister said in parliament written below .....

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC
AFFAIRS
RAJYA SABHA
UN
STARRED QUESTION NO. 2960
TO BE ANSWERED ON 28
th
MARCH, 2017/
CHAITRA 7, 1939 (SAKA)
FINANCIAL RISK DUE TO VIRTUAL CURRENCIES
QUESTION
2960:
DR. K.V.P. RAMACHANDRA RAO:
Will the Minister of
FINANCE
be pleased to state:
(a) whether  Government  shares  the  reported  comment  of  RBI  that  virtual  currencies  pose  a
financial risk; and

(b) if so, how will it address the problem while pushing for a cashless economy?
ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ARJUN  RAM MEGHWAL)
(a)
& (b)
:

Reserve Bank of India, vide, its Press Release dated February 01, 2017 has advised
that it has not given any license / authorization to any entity / company to operate such schemes
or  deal  with  Bitcoin  or  any  virtual  currency.  As
such,  any  user, holder,  investor,  trader,  etc.
dealing with Virtual Currencies will be doing so at their own risk.

Reserve  Bank  of  India had  issued  cautionary  advice  to  the  users,  holders  and  traders  of
Virtual  Currencies  (VCs)  including  Bitcoins  about  the  potential  financial,  operational,  legal,
customer protection  and  security related risks that they  are  exposing  themselves  to ,  vide,  its
press release dated December 24,2013.

The  creation,  trading  or  usage  of  VCs  including  Bitcoins,  as  a  medium  of  payme
nt  is  not  authorized  by  any  central  bank  or  monetary  authority.  No  regulatory  approval,  registration  or
authorisation  is  stated  to  have  been  obtained  by  the  entities  concerned  for  carrying  on  such
activities.

The  absence  of  counter  parties  in usage  of  VCs  including  Bitcoins,  for  illicit  and  illegal activities in anonymous/  pseudonymous  systems  could  subject  the  users  to  unintentional
breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws
.

[theroryshow]

In a perfect world you would partner with a bank who could navigate all the legal FIAT and money exchange rules for you. You would essentially just use their charter/business. It is only a matter of time before massive regulations come sweeping in. Why not try to do it the right way at first and have a bank or possibly banks lobbying for you to parliament?