Hi Nitin and other members.
I am an Indian citizen and want to remit money to USA broker for just stocks(equity).
I thought that it can be done from LRS.
When I consulted an executive from SBI, he said that - “you cannot remit money in US broker account through LRS , it is for investing in foreign companies directly only”. He said - “for transferring money to the broker form 15ca must be filled.”
According to the revised rules of income tax department, form 15ca is not required for the above case .
Now, I have 2 channels and I want step by step outline in them so that I can remit money legally to trade in US markets ,I want to send the money to the broker:
1)Go to bank,talk to international banking department employees and ask them what ?
2)internet banking channel .
I am beginner in this field and am confused so step by step outline for remittance will be very helpful.