Paypal Transfer to India FEMA Act

Discussion in 'Payments' started by megri, Oct 11, 2006.

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  1. #1
    We are 100% Export orient unit in India with STPI approval. We have Paypal account and getting money through check in Indian in Indian rupee. We have few question

    1. Is it is a foreign remittance as per FEMA Act
    2. How to get FICR for STPI Which bank will issue
    3. They issue Citibank check in Indian rupee after conversion from US dollar
     
    megri, Oct 11, 2006 IP
    sachin410 and sar420 like this.
  2. anurag_online

    anurag_online Well-Known Member

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    #2
    R u the megrisoft guy?
     
    anurag_online, Oct 11, 2006 IP
  3. blazed

    blazed Guest

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    #3
    bwahaha megrisoft guy...

    1. Is it is a foreign remittance as per FEMA Act
    ans. There is nothing like that.
    2. How to get FICR for STPI Which bank will issue
    ans. No clue.
    3. They issue Citibank check in Indian rupee after conversion from US dollar
    ans. Yes it's true... You just check your bank balance to maintain the tax that's it ,.
     
    blazed, Oct 12, 2006 IP
  4. sar420

    sar420 Notable Member

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    #4
    woww...I dint know u faced so many problems in geting money thru paypal
     
    sar420, Oct 13, 2006 IP
  5. agnivo007

    agnivo007 Peon

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    #5
    dont worry abt the fema act... worry if you send foreign currency out of the country, the govt. welcomes incoming foreign exchange.
     
    agnivo007, Oct 13, 2006 IP
  6. blazed

    blazed Guest

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    #6
    agrees with agnivo007
     
    blazed, Oct 16, 2006 IP
  7. lekhi123

    lekhi123 Active Member

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    #7
    i dont know about these acts, but what i feel that google must have some tie ups with the paypal or some other E-bank transfers, should be available so that people can recieve thier hard earned money on time...
    What YOu Say Guyz
     
    lekhi123, Oct 17, 2006 IP
  8. dotcompals

    dotcompals Prominent Member

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    #8
    I recently tried www.xoom.com . it seems to be a good solution when it comes to sending money to india.
     
    dotcompals, Oct 17, 2006 IP
  9. seoindiaweb

    seoindiaweb Banned

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    #9
    Yeah i think that guy is megrisoft guy too see his signatures
     
    seoindiaweb, Oct 17, 2006 IP
  10. 01.ramesh

    01.ramesh Peon

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    #10
    Bumped into this thread, but really would not recommend some online money transfer methods for remittance. It’s always better to go with bank remittance. It’s so convenient.Like in case of my citi account , I feel the facility of ATM withdrawal that citi offers removes the hassles of roaming to banks with either drafts or checks.
     
    01.ramesh, Dec 13, 2006 IP
  11. megri

    megri Active Member

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    #11
    Yes I am from Megrisoft and found the solutions from STPI, FEMA, Citi bank and FIRC after working for two month with legal lawyers in India. We have been also able to raise the limit of Paypal from 2500 USD to 10000 USD per month. So we have all solutions for Paypal in India.
     
    megri, Dec 17, 2006 IP
  12. lekhi123

    lekhi123 Active Member

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    #12
    WEll if you know the solutiuons why dont you discuss the common issue and thier solutions with us.. I think most of member will agrees to this and especially this will help the indians who are doing this for the first time.
     
    lekhi123, Dec 17, 2006 IP