Indians Pay Attention!!!

Oh yeah lost in transit? Ask the bank to show their counterpart that they really have issued one. And then send your lawyer's letter to the concerned bank for their irresponsibility, FIRCs are not to be ordinarily posted, either they are couriered or they are registered with AD.

Walk up to the concerned branch, and settle it, most banks are very lazy in issuing FIRCs (the reason is still unknown to me).

 

Hehe .. Nice to see your reply Aritrim!
Was waiting for you to get here!

 

there is no withdrawal limit from paypal for Indians if you decide to withdraw using bank transfer (for which you need to have a US bank account - aka E*trade account).

The withdrawal limit is only for withdrawing through cheque.

I would withdraw to my etrade account from paypal and then do a Intl. bank transfer to my local Indian bank (to make it legal). If you dont wanna make it legal, then you can use the ATM debit card given by E*trade and withdraw from any local bank ATM's.

here legal in the sense, I meant, paying taxes. ofcourse i would pay..when i withdraw from my paypal account...

 

My question may sound silly, but ...

How to open and maintain this "E*Trade" Account ?

Is maintaining such a bank account abroad considered legal ??

 

hold on..i will find the full guide for you....

about the legality...i am not sure...when i checked with my dad...he said it is not illegal....

edit: ok..i got the link..

http://www.talkgold.com/forum/showpost.php?p=1020051&postcount=197

this post summarises the full procedure of creating a us bank account....this thread in the forum is more than 26 pages long...i would suggest you read the full thread...ofcourse..in the first 3 to 4 pages..there will be some flame war going on..ignore it...i followed the procedure..and i have my Etrade bank account...but i havent linked to paypal for some reasons... but my friend from chennai has confirmed that he has linked to paypal...

 

Will eagerly await detailed info .....

Will be a lot of help ....

 

ok..i got the link..

http://www.talkgold.com/forum/showpo...&postcount=197

this post summarises the full procedure of creating a us bank account....this thread in the forum is more than 26 pages long...i would suggest you read the full thread...ofcourse..in the first 3 to 4 pages..there will be some flame war going on..ignore it...i followed the procedure..and i have my Etrade bank account...but i havent linked to paypal for some reasons... but my friend from chennai has confirmed that he has linked to paypal...

 

Thanks for the post Abhishek. It cleared all my doubts relating to money matters.

Abhilash

 

hi dear Abhishek,

very nice post for Indian,

I post before http://forums.digitalpoint.com/showthread.php?t=50207&highlight=RBI

but no nice reply,

thanks for your good guidence.

 

There are lot of useful information. Great Work.
Thanks to Abishek, hexadesign and all participants.

 

Great thread.
Will someone please clear my doubts.
I have earnings from software development and expecting earnings now from adsense.

1. I have a IEC code. My CA tells me that I do not have to file any returns for IEC code. Is this correct?

2. Software development does not come under service tax (Thats what I have been told). But since adsense is an advertising earning. Will adsense earning be liable for service tax?

3. Is it compulsory to be registered under STPI for software exports? Previously my earnings were not very high. This year I am expecting to earn more.(Not one project - various small projects ($100 to $2500)
Is registration as 100% EOU better for me than under STPI.

4. If part of my earnings are from software development for Indian clients, can I qualify as an 100% EOU?

I will be asking all his to my CA to, but, since I came across this thread, I thought it will be helpful to have all the info ready when I speak with him.

Thanks

 

hi, thanks for the info

it would be very helpful if you can clear my doubts:
i wanted to know how much time does it take to get a IEC code
and i dont have a PAN card so how can i register a IEC code, im just 19yrs old
and ya ill be getting my Adsense funds in Dec so is IEC code needed for that?

 

Get a PAN card - 150 Rs. - max 8-10 days.
Open a current bank account - Free - 1-2 days. I suggest either Bank of India, Baroda bank or SBI bank. They have their own branch in the US and UK.
Get a IEC code - around Rs. 1500 - max 12-15 days.

IEC code is needed for ANY amount in foreign currency that you get.

Hope it helps.

 

thankx for the post man ,

 

good informative post abhishek reps applied.

 

thnxs for d post abhishek...!!!!! it really cleared ma certain issues..

 

Thanks for the info.


Update: Just got a RED for appreciating a good thread? What is happening at DP?

 

As this thread is already bumped, I Just want to know something on paypal to US bank transfer. I have an account with local SBI, as they have a branch in US, can I transfer from paypal to the US SBI Branch? and later from that branch to local branch? Abhisek or anybody, have any idea on this?

 

Hi Sunny,

I am also the victim of this bitching in DP Forum . Look my Joining date 2005 but i am in Red Repu. What a bitching is going here .

 

Abhishek- First of all green rep for you.

Its really a very gr8 info which you shared with us. Now we should follow it. Otherwise RBI will kill us.

I am also looking STPI info from lots of day. As you know Indian lawyers dont know much about internet laws.

So its really very helpful for us.