It seems RBI is going to track our all foreign transactions and then ll ask for IEC.

It seems RBI with new paypal "purpose code" policy is going to track each and every transaction and as indicated by paypal they might ask our remittance bank to provide proofs of such transactions.. that means banks will asks us for invoices (may be something else who knows?).. but I can smell something is gonna happen soon.. may be RBI might asks all of us which earn over 50K INR each month to get IEC and may be lower than that but I m sure something ll happen and we all again get in to the problems..

Better prepare yourself in advance so to be safe today I have applied for IEC code and my CA told I ll get it within 10 days.. So I suggest you all guys to be prepared for something unexpected. what do u think?

 

may be u r saying right but i pray to god that this will never happen.

 

doesnt the govt want us to earn money from overseas? infact they should be happy with what we do and not discourage us by bringing stupid new policies.
i have no problem, paying taxes or apply for iec code.

 

I think so... we should try to get IEC as earliest.

 

Let us not worry about what comes in the future. As of now, we will see that paypal money hits bank account first.

 

The govt also wants a piece of pie in the form of more taxes (indirectly more revenue for govt).

 

i have been filing taxes for past 2yrs and this is 3rd yr now, and i have shown every paypal withdrawal as income to govt and paying taxes. what more do they want? i hope the govt doesnt make the matters more complicated.

 

I have been also doing that, but they now want to regulate that and make sure every one does it and with the implementation of the purpose codes it will be very easy for them to identify and track the payments coming in from foreign exchange.

 

don't get so despotic, nothing like that will happen. Good that you applied for IEC though

 

Hi. Can I know how much it cost you and how much it will cost every year to get it renewed? Also, are there any prerequisites?

 

Small price to pay I think. Don't get me wrong, I hate the bureaucracy as much but I think many Indian companies earning from Indian customers have worse things to deal with. I would still consider this trivial. Just my 2 cents.

 

What if you are earning more than 30-35 lacs a year ?
Will you pay the whooping 7-8 lacs as tax ?

 

are the old transactions gonna suffer or just the one that are about to happen ?

 

Since when did paying tax or not become a choice?

 

Lol, im paying.

But surely not that high. Im not that rich to pay such high taxes.

 

Hi I don't know there is any renewal fee. I think it is only one time fee. I made a 1000 INR DD in favor of my local DGFT office and my CA indicated that there might be some other expense as well may be around 1500-2000 INR more..

Hope it helps.

 

I am in New Delhi, and i discussed the matter to my CA, and he given me the estimate of INR 5000/-. Which is quite high. Any one here from Delhi and know good CA.

Thank you!

 

Official cost for IEC is only 250 INR. but as we all knows...our sarkari babus need extra money lol

so total cost is under 2K. I have also applied for IEC.

 

I told you all guys that in fututer we ll be in problem and now even after few days paypal started asking fucking PAN card number.. now lets see what FUCKING RBI ll do more with us..

 

It is really frustrating if this will happen. As Paypal fucking us regularly with updating new and stupid policies.