Quote from: cryptoguy2 on May 26, 2017, 03:36:55 PM

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Quote from: btcrocks on May 26, 2017, 02:24:00 PM

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Quote from: 350z on May 25, 2017, 09:40:30 PM

True. Everyone in India is selling at a premium. Too much greed?

If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed.

But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right?

Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC

You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ]

You can buy from bitlish.com(KYC to be submitted) through credit card.

Current price - 2345$

Fee-4%+0.25$=~95$

Now Convert it to INR=2440x65=158600

Plus Foreign conversion markup fee+tax on CC=4.1% =165103

Current price on coinsecure 189000

Profit-->189000-165103=23897(in one day)

I have not included exchange fee and bitcoin transfer fee

If you do this method often you will come under FEMA act of Indian Govt.

There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this..

If there is limitation then only couple of transaction can be done else it would be a huge problem if you break FEMA rules. So then how are other doing it? Is it only couple of transaction people are doing in a year through this way or is there any other way where you do not fall under FEMA?

There is no such option to buy BTC outside India, the only thing we can do is get BTC through friends or relatives living outside India and convert the BTC received to INR.So it won't fall under FEMA but will come under Income Tax laws.

If we buy it from friends / relatives living in US/UK & sell it here in India, then won't it come under FEMA?

No, FEMA is only when you do show up transactions using your debit/credit card using online purchase through foreign currency like USD/EUR etc., If you get through friends and show up tax for it then it is totally safe.