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Is it legal for an Indian resident to transact at BullionVault? Are there any tax implications? While BullionVault allows deposits from international banks, it only does so in dollars, pounds or euros. Do I need to have a dollar account in my Indian bank for this purpose?

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Since the question has remained unanswered, I'm adding some information I have since found by way of a partial answer. It looks like you don't need a foreign currency account for this purpose. Banks allow wire transfer in foreign currency for specified purposes. http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html#12

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