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Paypal Bank account RESUMES!! for Indians

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

  1. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    well lol here issue is not abt date conflicts. and in reality we all practically know abt it on 3rd..

    the main issue is the paypal procedure..
     
    Last edited: Feb 27, 2010
  2. carsonrathi

    carsonrathi Senior Member

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    Hi,

    FYI firms and company are similar in functioning accept the structure and in general terms we use them synonyms. Both are legal identities and if you ask any CA, you'll realize that they always ask to form a Pvt Ltd company for business practices due to protection of our personal assets in case of legal action (like LLC in US).

    Also, whats ever the case,it is NOT individual and you need to 'Form' them legally.

    That means you need to complete the procedure for both and ultimately then only you can apply for exporters code.

    However if paypal is able to drive some easier way with RBI (which i feel is not possible) then probably we can use check option without much issues.

    Thanks.
     
    Last edited: Feb 27, 2010
  3. carsonrathi

    carsonrathi Senior Member

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    double post. sorry
     
    Last edited: Feb 27, 2010
  4. carsonrathi

    carsonrathi Senior Member

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    Xoom have stopped intra country transfer. What you do is, transfer paypal to your American or other foreign friend and ask him to Xoom you, this way it's working.
     
  5. X-hat

    X-hat Registered Member

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    We have been diligently working with the RBI and our business
    partners 
    lol , When I first got that message , I was totally freaked out , I read the " RBI " as " FBI "

    "We have been diligently working with the FBI and our business
    partners ... "
     
  6. nirmar

    nirmar Regular Member

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    Confirmed with 2 CAs and one of my friend who is expert in Tax matters.

    -> Individuals can get IEC (Import Export Code) as "Services" option.
    No need to register a company, only PAN Card is required.

    -> No need of Current Account, Savings Account allowed.

    -> In my city, the cost around 1200 Rs (250 Application Fees + 30 Postal Charge included)

    This cost may be lower / higher in your city.
    Google it : Import Export Code Consultants + {your city name}
    and ask yourself.
     
    • Thanks Thanks x 5
  7. techmannew

    techmannew Registered Member

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    First of all

    Its not necessary to have a PVT. Ltd Company to have a IEC even individual can have it too. (Confirmed from a person who is already having IEC)

    Second , fees is 1000 and no need to hire CA for it.

    Current account deposit in co-operative bank is 5000.

    Procedure is quite easy so no need to hire CA or Lawyer.
     
  8. BusinessMachine

    BusinessMachine Jr. VIP Jr. VIP

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    Some of my Designers from India have been having to deal with this issue.

    Good to hear its being resolved. Its terrible not to have access to your own money.
     
  9. blackhattrial

    blackhattrial Regular Member

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    hi again

    NO firm and company are different in each and every way in every term

    first formation

    firm can be formed by opening a bank account
    for any type of company u need to register it... and it takes time ...

    you don't need to register a firm....but if you want, you can...

    I dont want to go INDEPTH details of maintaining of accounts

    but in short
    FBT is implied in companies not in prop. or HUF
    you need to maintain more documents and records in companys

    and limited companys(pvt. or Public) means liability is limited but recently only court has ordered inclusion of personal assets in one case...sorry i dont have any online link but ask your CA

    WHY CA advice for company.. because auditing fees for companys is much much more..CA charge extra amount... and document work si more... for companys..

    and as far as loan is concerned .. these days... banks give loans easily...
    .. and in such cases... you have to keep collateral in both cases...

    some banks can provide OD (OD means overdraft paying more than you have in your account) limit without collateral... but in such cases your personal assests are attached.... its in the agreement... bank make you sign...

    and the kind of interest you pay on such loans... is something I would never opt for...

    brother think in terms of fellow BHW... members...
    individuals.... why do they need to get into all this shit?
    why scare them?

    I don't have anything against you but I don't want to fool anyone...

    sorry brother your reply was not at all close to realistic thing....

    so I had to reply... otherwise I always avoid any kind of arguments.

    hope this ends this silly argument here...
     
  10. carsonrathi

    carsonrathi Senior Member

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    I am sorry man but you are again wrong in most of the things and i am not here to scare any one, if you have real company then you must be knowing what i am talking about.

    yeah right now next morning you wake up, start 'feeling' that you have firm and you'll get a firm (that's what you mean?) A firm needs to be established legally. so that govt should know under which tax benefit you come in.

    haha so silly, i have re confirmed it from my CA, the company is called 'limited' because of it's limited liabilities. You heard about City lemouzine case? these people took lacs of rupees of innocent people and lure them to give very high interest however they scammed them WITHOUT running away as the directors have bought personal property from People's money, so no law in India can do anything of them (Govt just took away some pennies from there Company's account)and now they are planning new company with same kind of scheme again.

    So, you are completely protected on your personal assets in case of any problem on company.

    This is completely depends in SEBEL report of a loan applier , you cannot say easily, if you have pervious bad debt, then no one will give you any thing.

    I think here you are talking about big company's . if your business is producing less then 20lac, you even don't need to take audit service from CA, you can file your company's tax yourself based on your income statement.


    I repeat as i have 'real' company (director with my brother) i very well knows how the system works 'practically'

    i am not fooling any one here, i am sharing what i know, it's on you to accept/reject it.

    No personal offense to you man. Let's make money!
     
  11. blackhattrial

    blackhattrial Regular Member

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    hi again
    i disagree with you in few things.
    Lets stop this never ending argument.

    atleast others will now take action and wont sit back scared of this new IEC condition with paypal.

    All are good internet marketers...and they are also efficient in handling these financial matters.. lets not underestimate anyone.

    If one is new to something today... then will be expert in it in next few days....

    Happy holi...and best wishes to all of u
     
  12. mogambo

    mogambo Registered Member

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    nd I hav to all this to withdraw my fuckin' 8dollars frm my paypal?
     
  13. carsonrathi

    carsonrathi Senior Member

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    Nope, i have to do this to get my fucking $18k from paypal (recurring payments) :p

    Thanks.
     
  14. shadowfax

    shadowfax Power Member

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    Can you list down the procedure in detail for everyone's benefit...

    Many thanks
     
  15. dingolala

    dingolala Newbie

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    For those who do not have IEC code. Legally you can not accept money from outside of India and under Femal Law, government is allowed to put you in jail directly for what is called "havala"
    it is better to close down current paypal acocunt by making it zero balance and open new one for everybody. No matter how well you have followed laws, still there are high chances you have not. So removing tace and starting afresh is good.
     
  16. dingolala

    dingolala Newbie

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    also, proprietor can get pan card on his personal name only. If you want pan card on company name, you need to open a partnership firm with you and your mum! 100Rs. stamp paper is required and nothing much. So company formation cost is not high. However, accounting will get increased a lot.
    You do not require service tax number if you are getting money in foreign currency only. But if you are getting in Rupee too, you require service tax no.
     
  17. jenniferarico

    jenniferarico Registered Member

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    I don't think this is a good news for the indians.There must have lots of people who works alone.The business of Paypal is sure to be reduced in India.
     
  18. ski.bng

    ski.bng Newbie

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    I am from India and i do have verified paypal account, I have also received mail form Paypal. But the mail says money can be withdrawn only for company accounts and not for personal accounts. Company accounts needs to have IEC which is alloted by foreign trade office in delhi and its branches situated all over India. You can get the IEC selecting the type of Exporter as service provider.

    But paypal has not mentioned any method on how to get payment and withdraw monay for personal payments where 90% of indian accounts in paypal are from freelancers.

    An individual cannot have a IEC code.

    This should be sorted out by paypal soon.

    Or should we switch to moneybookers?
     
  19. carsonrathi

    carsonrathi Senior Member

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  20. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    @ carsonrathi

    It is official news from paypal that we don't require IEC code even we can only use to fill purpose codes while withdrawing money from paypal to our bank here is what paypal said:-

    What is a Purpose Code?

    The purpose code helps your bank furnish information that may be required by the Reserve Bank of India to identify the nature of the cross border transaction. Details on the different purpose codes are in the table below. Please note that this is different from the Importer Exporter Code (IEC) issued by the Ministry of Commerce and Industry.

    So as I said don't spread rumors.. just wait and watch till 3rd march not 1st ;)