But still it won’t solve for remittance charges, we are working on finding a solution for it.
Crypto is fake currency, don’t compare it with my hard earned money.
They feel they can put some computers to mine currency and become rich?
They may use crypto technology in future for our real hard earned money, but world cannot use the computer mined currency to buy anything of value. It is called Pizza money, thats what you can buy now.
It’s use is for money launderers and value is just a bubble
China i believe now has released crypto that is mapped to there real currency. (my research lacks, read an article somewhere) . But that is what i think will happen in future. RBI or an equal body in other countries will release Crypto mapped to real currency, meaning if you have 10 lakhs rupees in bank it will give you same amount worth crypto.
Can you imagine a world when bitcoin currency can buy anything of value in this world? This is like your monopoly game money. I don’t know why people don’t get it and are going after this fake currency. I will end this conversation here, since we are deviating from original topic :).
Technically fiat currency isn’t “Real” money either.
China hasn’t released it yet. Supposedly there are plans to.
Any idea when this will be live? Can’t wait more
I agree, but it is a different topic all together. Because the ‘rupee’ you call Fiat currency you earned with your sweat and effort unlike bitcoin. If the country goes poor by printing more rupees then all its citizens go poor as well like it recently happened in Venezuela. As i said its a different topic.
I think we should not bee too optimistic here. From what I have seen(a bit of 30min research) it will be very challenging for Zerodha to bring the overall roundtrip charges below 1%(0.5% one way). Current market rate is about 3-6% since they cannot perform everything themselves(currency conversion) and no one ties up without profit. 2%(1% one way) could be achievable but it would be a major breakthrough if they bring it below 1%(0.5% one way). All these are for just transferring money back and forth. Commission per trade may be as high as $3 for non-US investors so we need to invest/trade in quite large volumes(like >$1000) to overcome this.
No, due to current covid times things are not moving as expected, still waiting for few regulatory approvals.
HDFC has recently started US Investing. Not exactly free but since they are an Indian bank the remittance and other bank charges are waived off for investing via HDFC securities.
I don’t think bank charges (remittances)would be waived . Could you confirm
Hello @nithin sir,
Out of curiosity I’m asking,
Where does the stocks we bought in foreign exchanges sit.
Do they sit in our demat account (cdsl) or we open another account in US
Not in CDSL account, there is no concept of Demat in US, all those will stay with US custodian.
what if the custodian defaults ?
In India , many cases are there where the DP and the trading member (broker) defaults , but stocks are safe as they are with the depository hand and not in the DP hands !!!
Please go through this and sincerely requesting you to put some efforts if you really want to learn more.
That’s understandable. Still any sort of timeline when we can expect it provided you get all the approvals. Safe to assume by Q3?
As soon as we get RBI approval on remittance thing, hopefully soon.