1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Paypal Bank account RESUMES!! for Indians

Discussion in 'Black Hat SEO' started by carsonrathi, Feb 27, 2010.

  1. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Great News,

    Paypal resumed its bank services in India.

    ------------------------------------------------------------------------
    We have been diligently working with the RBI and our business
    partners to resume Indian bank withdrawals for the thousands
    of Indian businesses who depend on PayPal to sell their goods
    or services in the global marketplace.

    Today, we are happy to announce that the RBI has allowed us
    to continue local bank withdrawals for settlements for exports
    of goods and services. We are currently making changes to
    comply with Indian regulations for settlements for exports of
    goods and services, and we anticipate that, as of Wednesday,
    March 3rd, customers will be able to use our
    bank withdrawal service.

    As part of the changes, you will be required to fill out a
    new field entitled 'Export Code' when you request a withdrawal.
    This information is required under the current laws of India in
    order to identify the nature of cross-border merchant transactions.

    On Monday, March 1st, we will be back in touch with specific
    instructions on how you can move your money into your bank account.

    Moving forward, the RBI has told us that PayPal needs specific
    approvals to allow personal remittances to India, which we
    currently do not have. Until we get these approvals, personal
    payments into India will remain suspended. However, if you are
    an exporter, you will continue to be able to use the PayPal
    service for payments of goods and services. In fact, with the
    changes we are making to our system, PayPal is now set to be a
    more powerful engine for exporters in India. With purpose codes
    for export transactions and FIRCs (Foreign Inward Remittance
    Certificates), you should now be able to get the export
    related benefits you seek.

    You can check the PayPal blog for additional updates.

    http://www.thepaypalblog.com

    We thank you for your business and for your patience during
    the past few weeks.

    Sincerely,

    PayPal

    ---------------------------------------------------------------


    Enjoy!

    BUT the worst thing is, now you need Export code which is called IEC code, and for that you need to form company (Pvt Ltd) with a current account, only then you will get IEC code from Delhi.
     
    • Thanks Thanks x 2
    Last edited: Feb 27, 2010
  2. kingpin123

    kingpin123 Registered Member

    Joined:
    Apr 2, 2009
    Messages:
    64
    Likes Received:
    22
    Home Page:
    Ya just received the mail(Sorry i typed money instead of mail)

    Better to request check
     
    Last edited: Feb 27, 2010
  3. datacyborg

    datacyborg BANNED BANNED

    Joined:
    Jul 11, 2009
    Messages:
    52
    Likes Received:
    4
    very good news for indian freelancer
     
  4. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    LOL, this will resume from Wednesday how you already got money?
     
  5. WebStarr

    WebStarr Regular Member

    Joined:
    Feb 13, 2009
    Messages:
    212
    Likes Received:
    22
    Great News that they have resumed withdrawls sooner that i thought.
     
  6. angrish10

    angrish10 Junior Member

    Joined:
    Aug 24, 2009
    Messages:
    181
    Likes Received:
    184
    Location:
    La Isla Bonita
    Can some one here please elaborate on "Export code".
     
  7. silent_thunder

    silent_thunder Regular Member

    Joined:
    Mar 24, 2009
    Messages:
    227
    Likes Received:
    79
    Occupation:
    Research Anal yst
    Location:
    MoneyMakingSutra
    Home Page:
    Great news indeed but how to get a Pvt registration done ?

    Any help on this would be welcome.
     
  8. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Guys,

    Don't forget you would be needing IEC code to withdraw money, and you need to spend, Rs.10,000 for company formation, Rs.5,000 CA fee (in Delhi) Rs.10,000 in your current account (Minimum balance is Rs,10k for current account) and when you have your current account information, then you can apply for ICE code for Rs.2000 (via CA)

    Total cost to get your company and then IEC code is: Rs.27,000

    Also, i forgot you need PAN card under COMPANY'S name, not yours: So, additional Rs.2000 for it.

    then you need to enter that IEC code in your paypal account ONLY after that you can withdraw money to your current account, NO MORE saving accounts.

    And all your money will be taxable under IEC laws.
     
    Last edited: Feb 27, 2010
  9. angrish10

    angrish10 Junior Member

    Joined:
    Aug 24, 2009
    Messages:
    181
    Likes Received:
    184
    Location:
    La Isla Bonita
    Bharat mata ki Jay
     
  10. RamChaturvedi

    RamChaturvedi Supreme Member

    Joined:
    Apr 7, 2009
    Messages:
    1,359
    Likes Received:
    436
    Occupation:
    Internet Marketing
    Location:
    Undetected


    aaah that sucks!!! Means only 10-20% of us would be able to withdraw money now??? Becoz everyone cant afford to spend this much to get that code i suppose!!!

    And what about the withdrawls made after 8th FEB??? Still 800$ in bad debt from PayPal :D any news on that???
     
  11. nirmar

    nirmar Regular Member

    Joined:
    Jul 23, 2009
    Messages:
    283
    Likes Received:
    108
    from where you got this news?
     
    Last edited: Feb 27, 2010
  12. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Nope, add Rs.10,000 more for current account deposite.

    Total:
    Company formation: 10,000
    CA fee: 5,000
    Current account min:10,000
    PAN card for comp: 2,000
    IEC number fee: 2,000
    TOTAL: 29,000
     
  13. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    I have my own company and IEC code as i pay taxes under company name. So, i know this procedure.
     
  14. angrish10

    angrish10 Junior Member

    Joined:
    Aug 24, 2009
    Messages:
    181
    Likes Received:
    184
    Location:
    La Isla Bonita

    Yup ur rgt. Mosts noobs like me cant afford it. But i think this is the time the "Joint Venture" thingy come into scene. I donno..whats the process to form a company in JV to get common IEC code...but it may certainly cut costs.
    Correct me if i am wrong.
     
  15. rishi3916

    rishi3916 Newbie

    Joined:
    Feb 23, 2010
    Messages:
    0
    Likes Received:
    1
    i had a doubt... can we use paypal if we dont have a credit/debit card??? and can we request a check ???? thanks in advance
     
  16. RamChaturvedi

    RamChaturvedi Supreme Member

    Joined:
    Apr 7, 2009
    Messages:
    1,359
    Likes Received:
    436
    Occupation:
    Internet Marketing
    Location:
    Undetected

    I think you have a business account and all these stuff apply to your account!!

    For a personal account all these expenditures shd not be there!!! some alternative will come for sure in the coming days!!! :rolleyes:
     
  17. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Guys,

    Go for your company under PVT Ltd,

    Many benefits in that. WIth just 2 ITR's under company name, you can go for loans in crores (of course depending on the ITR amount)

    Also, as next budget is in, we can save lot of money, previously i need to pay 30% on 5lac and above, now its 8lac, so saving tax on 3 lacs more.

    Thanks.
     
  18. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Hope you are right can't see this is the case.

    How?

    Reason being they had dealing with RBI on this, and under RBI policies it's must to have IEC code for cross border transactions. And even it's personal account, you are getting money from outside thus eligible for tax.

    Secondly, for personal payment paypal have clear it that they will be no personal payments any more.
     
  19. kingpin123

    kingpin123 Registered Member

    Joined:
    Apr 2, 2009
    Messages:
    64
    Likes Received:
    22
    Home Page:
    What i mean is i received the mail and i got my money back in paypal account
     
  20. carsonrathi

    carsonrathi Senior Member

    Joined:
    Mar 12, 2008
    Messages:
    1,106
    Likes Received:
    759
    Oops, my mistake, sorry for misunderstanding.