Hello all, I have been reading this category since quite a while now. I read the post of Abhishekh too describing about IEC. I understood that all. But now the glitch which comes here is that I am underage. Now what should I do to serve others ( LEGALLY! ) and get money from Paypal ( Legally! ). Right now my paypal is against their TOS as I am a minor. So I will transfer funds to a legal account or something like that. So just kindly explain to me. What to do in such a case ? Should I work under my parent's name? Regards, ~KMKM
Well, your parents can sign up for Paypal accounts but be sure that they know about it because if they need verification, they may require your parents to fax them some documentations. In theory, as long as you signed up as a minor, everything you do with the Paypal account would inevitable be against TOS as it is a breach of contract. Also in theory, you are not allowed to share your paypal account so by right you cannot use your parents account. The only exception would be a Business Paypal account as that can be used by employees of the company, however you will need a real company to use that. There is no problem about being Indian, it is just that no payment processor would work with an underage because minors cannot enter into a binding contract under common law.
Thank you eddy2099 for the information. So, I ask my parents to register and work through their account. But in the records my parent's name goes right ? But without an IEC code, do all previous transactions become illegal? Regards, ~KMKM
I am not sure about Indian laws but I would assume so as all the previous transactions were done based on a breach of contract when you furnished fake information as part of the contract requires you to confirm that you are 18 and above. Yes, if your parents sign up, it would all be in your parent's name. make sure the account is fully verified. Just remember that if there is any issues with any of your transaction, your parents would be fully responsible for them.
Any issues in the sense ? Anyways this is the thread explaining about some of the indian laws on foreign exchange transactions. http://forums.digitalpoint.com/showthread.php?t=85595 Regards, ~KMKM
I will suggest you to let your parent open a paypal account and get it verified. You can then as your customers to send the money via your parent's paypal account. In any way, since you are a minor, you cannot use paypal servive on your own.So the above way is the only best issue for the time being.
Yes even I was thinking of that. But until my parents get an IEC , it doesnt matter. Everything wont be legal!. So first let my parents get an IEC, and then i can use their acct. Regads, ~KMKM
Anyone has been like this as yet? I know Abhishek for one. And oh! thank you for the red rep whoever gave me... but from next dont put racist comments in it. I am an Indian and I am proud of it Regards, ~KMKM
Bro, as far as my knowledge goes, you should work under your parent's name i.e. all legal contracts, legal documents, paypal accounts and bank accounts should be in your parent's name. Also it is not mandatory to get an IEC code if your income for a year in under or equal to $24000. Hope this helps in clarifying the solution. Al
Dont take it to heart. I have faced it too. It wont matter as your post will get you green automatically. Anyways, coming back to your question.(i'm sure you have the answer now) do work under your parents identity to be on the safe side. Givign you a little Green
I've sold via my Paypal account since I was 14. Never had an issue with age. There was 1 time when I needed to confirm my identity because someone screwed me over, I just faxed my dads passport. No problems.
Thanx for the reply. But somewhere I read that government says that IEC is necessary for any "Foreign Services". And most of my services do come under that category. And oH! I earn way way way less than 24000$s Oh! yeah .. i guess we all need to face it to be "experienced". Thanks a lot for the green rep... and oh! i dont take such things to heart Hmm... in that case I guess it was illegal. Since FEMA in India is non-bailable. I dont wanna take any chances Regards, ~KMKM