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Conventional forex trading is regarded as illegal activity in India.
people escape it by
(1) trading only brokers and pairs allowed by government is legal which are always set up in ways that people can't trade profitably and is an unregulated market.
(2) people don't pay taxes and live under radar.
(3) even if they pay taxes, the mode of income is always shown to be something else and the word forex trading or their broker's name is always not hidden.
(4) few withdraw their profits in bitcoins and then convert then back to INR, but this is a useless loss because of conversion fee and you'll have to look for people looking to buy Bitcoins which will in turn distract you from day to day trading.
However,
I need help in thinking of way to trade with Estonian e-residency and get my withdrawals into Estonian banks like Transferwise, then my income shall be regarded as foreign income and may be taxed in Estonia or India or both maybe but at least I'll have nothing to hide.
What do you all think of this situation? Am I missing out something. Those with experience of e-residency or Indian Tax issues please do help.