Your bank may require you to provide documentary proofs ?

Lets hope If we enter Purpose Code and withdrawal accept by PP. But what if bank needs details of that withdrawal.
They said your bank may require you to provide documentary proofs such as invoices / goods receipt forms as applicable to reconcile with your withdrawal.

When to submit this details & how ?
Is it during withdrawal ?

 

what are the proofs we need to submit also.Can anybody clarify this.

 

Well. I guess that banks might ask for copies of invoices from some random customers, just to check if we that the purpose code entered was correct or not. But I dont think think banks will ask to provide invoices for each and every transactions, but about one thing that those of us who haven't started keeping proper invoices etc.. must start it now. Also, If you wish you can use www.invoicedude.com to keep a record of your invoices, if you don't want to spend on paid invoicing applications.

 

i think documentary proof is mainly for people who are dealing with goods

 

read this entry..https://www.thepaypalblog.com/2010/03/new-bank-withdrawal-instructions-for-our-customers-in-india/

 

I guess we could use the paypal invoice feature for requesting payment from our clients.
This might serve as a proof if our Bank demands it.

 

indian bank has no tiime to ask such shit , Trust me, I assure dp members , No one will ask such document . ( only if amount below 49K)

if more .( cant take gurrenty) but for below 49K nothing wil Happen (here Amount is in INR)


Thanks

 

How to make an invoice if you are earning through other sites, and those sites pay to your PP account.

Like I am a designer and i work for clients on freelancing sites. And those sites send money to my PP account.
Then what invoice i should submit, should i make invoice myself? or i should ask them to send invoice?

please someone is like me here or if anyone who can help me with this, help me out !

 

How can be so sure about the banks.

 

I do not remember my bank ever calling me to inquire about the payment I have received. I doubt if our Indian Banks has enough staff to go into reconciliation of our payments.

If your transactions are huge, then bank may demand documentary evidence at the behest of RBI. If your transactions appear regular and routine, I doubt if anybody would ever care!

Regards,

RightMan

 

I do not remember my bank ever calling me to inquire about the payment I have received. I doubt if our Indian Banks has enough staff to go into reconciliation of all our payments.

If your transactions are huge, then bank may demand documentary evidence but only at the behest of RBI... and never on their own. If your transactions appear regular and routine, I doubt if anybody would ever care!

Regards,

RightMan

 

rightly said! if they ask i am prepared to hand over them PAN, last 2yr tax receipts (since i have been filing income tax for last 2yrs) and if need be paypal transactions (only if asked). i never withdrawn more than 1 lac, and so i guess i dont think they would need excessive documentation. i am relying on my CA to help me out on matters like this!

 

Good Point!!!!!!!!!

 

yea i dont think nothing happens if its under 49000 INR

 

as it started in the above post it hard for asking invoice better dont go with more than 25k

 

Well what kind of documents will be required in case of freelancing services, like content writing, web development etc? So that means there are complications still involved at times of withdrawal?

Thanks

 

Well what kind of documents will be required in case of freelancing services, like content writing, web development etc? So that means there are complications still involved at times of withdrawal?

Thanks

 

They Said "Banks may require" and i don't think our banks have enough time to check and keep tracking all those transactions.
But yeh they may check once in a while, and in that case scanned copy of Paypal invoice is more than enough IMO. Aside that keeping your withdrawal to 25k in one shot is always better to avoid such circumstances and look legit.

 

RBI would particularly be keeping an eye on large inward remittances and so you are correct! It would be wise to do withdrawals in relatively small denominations.... but even then, if your monthly income is huge... it would be better to keep your house in order!

Regards,

RightMan

 

Well even I dont think that bank employees will check all these stuff..I doubt the employees in the bank that i withdraw know what exactly is paypal !!