Transferring BTC from foreign exchange to India based Exchange

[mandrake420]

Hi,

Can somebody send his BTC accumulated in a foreign exchange (like Kraken/BitInstant) and transfer them to an India based exchange so that they can sell them in India and transfer the resultant amount to an Indian bank ?
Will that result into rule violation ?

[Sahyadri]

Hi,

Can somebody send his BTC accumulated in a foreign exchange (like Kraken/BitInstant) and transfer them to an India based exchange so that they can sell them in India and transfer the resultant amount to an Indian bank ?
Will that result into rule violation ?

This is possible and many people including me do this.
It won't  violate any rules as there are no rules in place for bitcoin in India as of yet.

[bitcoinisbest]

You can easily send your btc from any exchanges or wallet to anywhere in anypart of the wallet and if you hold the bank account in that country you can withdraw it and pay a tax on that . This will not cause any thing wrong.

[savioroshan]

Then I think, this itself is a good business. Getting bitcoins from other international exchanges and selling it in indian exchanges , because in indian exchanges the rate is always high compared to other international exchanges.  Can any one suggest me a good international exchange where there is no verification or less verification documents to be submitted?

[Marma Kalari]

Then I think, this itself is a good business. Getting bitcoins from other international exchanges and selling it in indian exchanges , because in indian exchanges the rate is always high compared to other international exchanges.  Can any one suggest me a good international exchange where there is no verification or less verification documents to be submitted?

Kraken ,polo and bittrex are good exchanges where you can purchase the coins with less verification,you might need to provide you identification documents but they will never ask for a video holding your documents,which some of the exchanges do ask,which i think is too much to do those kind of things as i am not comfortable to broadcast my video,rather happy to provide any documentation for a smooth trade.One good news is that Indian exchanges will add more coins after the legalization of virtual currency.

[mandrake420]

I am not sure about polo or birrex but Kraken requires your photo along with a signed document about your intention to trade in Alternte Coins. I will suggest Coinbase as an exchange which doesn't go through all this and you can simply buy Bitcoin/Litecoin only using your credit card. But please note that these are the only two alternate currencies you can buy and also they charge significant amount of cut.