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Paypal Bank account RESUMES!! for Indians

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

  1. kingpin123

    kingpin123 Registered Member

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    No probs dude;)
     
  2. nirmar

    nirmar Regular Member

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    but why IEC code, cant RBI get tax details from PAN Card ?
     
  3. carsonrathi

    carsonrathi Senior Member

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    Guys,

    First, i am not tax expert, i have my own company and my business is online that's why i understand what paypal meant by that email.

    IEC code is for the money coming and going, abroad.

    They will track it by your company's PAN card information however every country have there own departments for foreign exchange, that's the purpose of IEC code.
     
  4. hahahari

    hahahari Newbie

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    Guys wat about withdrawing through check's???
     
  5. BigBuddy

    BigBuddy BANNED BANNED

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    Yes, we can withdraw the amount thru check.
     
  6. carsonrathi

    carsonrathi Senior Member

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    Check may be possible but i am sure they will ask for 'export code' before they process your check withdraw request.

    Thanks.
     
  7. nirmar

    nirmar Regular Member

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    Attached is Application Form for Issue / Modification in Importer Exporter Code Number (IEC)


    @carsonrathi need your opinion

    If we fill the form (attached)with the below options


    3. Nature of Concern (please tick)
    (at page 2)

    Others

    and

    4. Type of Exporter (please tick) (at page 2)

    Services

    Do we still require to open a company to get IEC code?


    ------------------------------------------------------
    And guyz,
    if we dont require company then the cost for IEC code -- 280 Rs.

    1. Demand Draft of Rs.250 evidencing payment of application fee in favor of the concerned regional office of DGFT.
    2. Self addressed envelope and stamp of Rs.30

    Fill the form attached here, and send by post or hand deliver at the concerned regional DGFT office.
     

    Attached Files:

  8. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    I have been reading all of your posts and Paypal never said to provide IEC or another specific code. Don't spread rumors no offence. They just indicated "Export Code". And as far as I know for soft businesses there is a term called STP. you can find more info here:- http://www.stpp.soft.net/faqscheme.html#1

    and still paypal never said that what exactly we need to provide them.. they are saying that they are changing there system to comply with RBI so lets just wait till 3rd March.
     
  9. sakuragi1475

    sakuragi1475 Registered Member

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    i'm not an Indian, but congrats! :D

    glad you guys are able to use paypal again.. i know how tough paypal problems can be :( i wouldn't use paypal if i could, but it's too popular, so i have no choice.
     
  10. carsonrathi

    carsonrathi Senior Member

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    Hey,

    You are right that what's needed but when you apply for it you WILL be needing current account in any bank.

    For current account you would be needing, copy of your memorandum of association, for MOA, you would be needing to form a company.

    In short you need current account for IEC and company for current account as current accounts are provided to companies only.

    Also Rs.280 is the fee of IEC, if you go direct to them then hope for best coz they won't issue you IEC that easy, that's why people pay CA's Rs,2000 as it makes the system hands free.

    Hope it helps.

    Thanks.
     
  11. nirmar

    nirmar Regular Member

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    Check Part B in the attached doc.

    So "saving accounts can apply for IEC code." No need of currenct account.

    Do you think people will pay that much (2000 Rs) ?????? :eek:

    because only 280 Rs is application fee for IEC code

    Please post only accurate fees.

     
    Last edited: Feb 27, 2010
  12. carsonrathi

    carsonrathi Senior Member

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    Hey,

    I think you don't have company so please don't speak what you don't know about and Export code IS IEC code, just for you general knowledge:

    http://www.google.co.in/search?clie...ort+code+for+indians&meta=&btnG=Google+Search


    And i have understood very well what paypal have said because i have a REAL company and very well understand what the export code is and how it is issued.

    If paypal is asking for 'Export Code' that means you have to follow the procedure to obtain it.

    And yes in layman's language paypal will clear it n 1st March NOT 3rd march, please read the entire paypal email carefully.

    Thanks.
     
  13. blackhattrial

    blackhattrial Regular Member

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    @dheer is correct here

    i want to asert that it is not that costly or difficult as it is being presented...
    or as it is being presented...


    why not wait till... 3rd.... march and ask paypal what code they need.....

    even if we need iec code
    it is not a tough battle...
    even if u need to open a current account it wont cost u anything in nationalized bank..
    even if u need pan card... u can easily get it made hands free without paying agent commission....
     
  14. carsonrathi

    carsonrathi Senior Member

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    Hi,

    If you have downloaded the ANF2A form, check there 3rd point which is:

    3. Nature of Concern:
    i. Government Undertaking
    ii. Public Limited Company
    iii. Private Limited Company
    iv. Proprietorship
    v. Partnership
    vi. Others


    And FYI, you need to select one and ALL above are the 'Types of Companies'
    so you need to have company to register for IEC code as it is allotted to companies (business) not individuals. and if you want to form ANY of above company, you need to have current account.

    And will people pay Rs.2000 for Rs.280 form?

    Yes, just try get it your self from DGFT, they will make you cry in issueing it. If you know about govt offices of India then you have to pay Rs.2000 (280 fee and rest for there fun)

    Thanks.
     
    Last edited: Feb 27, 2010
  15. blackhattrial

    blackhattrial Regular Member

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    wht abt FBt? and audting fees?

    and maintaining more records...

    and to even open any account u need to call a metting ( on papers)

    pct ltd. company is pain... when it comes to paper worlk...
    if u r selling products ... then VAT will kill u....
     
  16. blackhattrial

    blackhattrial Regular Member

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    sorry mate no offence

    proprietor ship and partnership are not companys they are firms..
    even HUF is not a company its a firm

    companys are either public limited or private limited.. and all structure is different...

    hope u dont mind me raising this point..
     
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  17. nirmar

    nirmar Regular Member

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    Then why in the bank form, there is saving account option.
    They havent asked any proofs about company details.

    Lets wait for paypal official declaration about "Export Code" on Mar 01.

    Happy Weekend & Holi to All BHW Members. :D
     
    Last edited: Feb 27, 2010
  18. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    I really doubt that you read the mail from paypal clearly. Here is what they said:-

    "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. "

    So it is 3rd march not 1st.

    Well it is good that you have a REAL company lol.. but it doesn't meant that no one else other than you can't have one... and as far as IEC code it stands for Import Export Code..which is majorly used by goods importer exporters..

    and yes I know if paypal is asking for Export Code that doesn't mean and no one need to spread rumors (even if he have one) that it is IEC code or bla bla..

    as I said everything ll be clear on 3rd march not 1st emo ;)
     
  19. nirmar

    nirmar Regular Member

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    @ dheer

    source:
    Code:
    https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/
    withdraw instructions - 1st March
    withdraw starts - 3rd March
     
    Last edited: Feb 27, 2010
  20. blackhattrial

    blackhattrial Regular Member

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    come on guys IEC code is no devil... so take a chill pill...
    probably some one will take payment in ur behalf and then pay u in India.. LOL

    kidding....
     
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