How to get Cash from Paypal in INDIA

I have a business verified account with paypal and getting some $'s in it. I want to know the ways to get the Cash instead of Paypal check in India. I tried xoom.com but it was rejected because payment is not permitted from India to India.

Here i am finding some ways but not understanding them. Please explain the ways how can i get the Cash in India from paypal. Do i have to go for some Card and if yes, which card.

Please help me on this issue.

 

Hi deluxdon,

How secure to deal with any DP member. I can do what you say in your reply but want to know the security in exchanging amount. And if i go for it, how they will give me INR here? Can you send me the exact link for Buy, Sell information.

Thanks

 

Thanks, i have PM to him but i want to know any other unofficial way also apart from this. If somebody knows. Any US checking account Card or VCC card etc.etc.

 

You can't use any US Checking account card or VCC to withdraw funds, as you have an Indian PayPal account. Official way is to get a check from PayPal (Time consuming though) or else you can request here on DP for an exchange for PayPal to INR (but as you are quite new to this forum, you won't be finding it easily).

Regards

 

First thing I would like to point out that you can surely move your paypal funds through Xoom to your bank account in India (but I also advise you to pay tax on the money earned)

However if you are paying through your business verified paypal to Xoom then you can only get the money in your bank account that has the same name.
You cannot pay Xoom through Business verified paypal under different name and get funds in another name.This is not allowed in Xoom

Many of us (read DP memebers have been using Xoom for a while now)

Secondly, there are a number of Debit cards available in the market but due to their high charges they are not used for withdrawing funds from paypal(I do not support this method although you could PM me if you require the links of these websites)

Any more questions and I will be happy to answer them for you.


Al

 

Please read this thread:

before using Xoom or any Debit Card to
withdraw your funds from PayPal.

 

My freinds did mention the "thread" but I guess he himself forgot to read the thread thorougly.(No hard feelings though)

This applies to companies mainly and as an individual you should possess a PAN card even if you don't have a IEC number, however your income from overseas should not cross $25000 in a year.According to the ammendment to income tax act 2006.

This too is completely baseless(although not fully). Transfer of funds through Xoom is perfectly legal if(emphasis on the word "if") all funds sended through Xoom are directly deposited to your bank account, however transfers through Xoom using "Pick Up Points" and other options is perfectly illegal.

Completely true as replied above.

Please note this point carefully, Indians (VERY IMPORTANT)

Best advice to get the IEC code but according to the new ammendments it is not neccessary if you do not have an income of $25000/year(gross)
Although still all foreign transactions are reported to the RBI.

I whole heartedly support this point and so I recommend transfer through Xoom to your Bank account in India.

Definitely and that is what I support when I say transfer money through Xoom into your bank account.

Please take consultation of a reputed CA for form numbers to be filled etc.

My advice to get the IEc code and get a "Green Card" from STPI but the new rules state that this is not mandatory.

If you have any further questions feel free to reply in the thread.
Also do pay your taxes at time to avoid undue harassment by Income-Tax authorities.


Thanks
Al

 

Xoom is a good choice.Also u can exchange it with any DP member for lesser exchange rate.

 

I think the best way to get money is paypal check.

 

I think the best way to get money in India is PayPal Check. More safe for you. I am sure you will get it your PayPal Check within 50 days.

 

Hi,
Once you're verified you can get paypal check within 30 days. You can get monthly check if you withdraw amount monthly...

 

i can wait for 30-50 days, but then the paypal withdrawal is only possible till i have the $150,
if i verify my account with a credit card, is it possible to withdraw less money also, say $50. thanks.

 

thanks, perhaps the limit is not too high for me now........

 

Hi Arvind. Can I know more about this IEC code? Is it compulsory to have an IEC code if a person is involved in some sort of an online business? Even if he doesnt make much. What happens if he does not have this? And do you know how much a person needs to earn on a monthly basis to pay tax? Does expenditure count? And why do we need to pay tax if we are bringing foreign currency into the country? As far as I know, this is very helpful to any country. And whats the difference between a PAN card and IEC?

 

IEC code is like a code provided by the Government of India (read Import Export Code) which is used by people/companies that are engaged in import/export of goods/services to and from India.
Basically it can be regarded as a number (as is the case with PAN number) however both of them are different and solve different purposes

Secondly, it is not mandatory to have an IEC code if you are doing online business, however if you are offering services(read doing online business overseas, accepting payments from overseas) then it is mandatory subject to that your income from such business is more than $25,000 in a financial year.

As far as bringing foreign currency to India is concerned, our government welcomes it in all forms but you need to declare your source of fund that you bring to India.
"Remittance" to India by a Citizen of India/NRI's/foreign nationals does not need to paid tax upon subject to Rs 6,00,000 per year.Thereafter you will have to pay taxes on remittances too.

Income from all other sources are subject to taxes if you are involved in foreign currencies.

However most people earning from online business choose "remittance" as a way to avoid taxes.However you can deduct expenses at your end n providing the service/goods.
What exactly is there mode of operandi is discussed in full below:

They remit $$ to India using exchange services such as Xoom,Western Union etc which provide a facility of "door step" delivery of cash in INR at reciptent's house.This way the money earned from online services/transactions do not reach the bank account and therefore cannot be accounted for.This way our governement doesn't gets it's share of taxes.

That is why many people quote Xoom's service as illegal.

However if exchange services are providing cash in bank account then the money becomes accounted for (even if it is remittance then the "Senders" details need to divulged in the income tax forms) and thereby our government get's it's due share of taxes.

That is why Paypal cheque is considered as a legal way as the cheque can only be deposited in a bank account .

So, if you are using exchange services such as Xoom or any other exchange service to get money to your bank account then it is "legal" by all means. Also thereafter paying taxes or not is an individual's own decision from the money earned but atleast the transacton reaches the Income - tax department.

However I do not in any means recommen this and therefore all taxes due to the government should be paid on the due date on completion of a financial year.

I hope this will be helpful in answering your queries.
Feel free to ask any other questions.


Al

 

Thanks alot for that insight Arvind. It was very helpful. Rep added

Regards,
-- Naif

 

Best and legal way is request a Check from PayPal. It takes 3-4 weeks to arrive and they clear it really very fast!