How to get Cash from Paypal in INDIA

Well i am not hacking this thread..
But as i saw the posts above some fellow indians want to exchnage paypal to INR and i would soon be offering this service like in a month may be.

 

And this is something that I do not support at any cost.

Why to exchage at lower rates when we can exchange at market rates?

That is why I support Xoom as a service provider which happens to be legal, good and fast service exchanger.
We all should get the maximum benifit of our hardwork in terms of profit.


Al

 

Thank you arvind. There is lot of info in your post.

"Quote:
Always remember one basic thing - Whatever Funds you are bringing in it should hit your business bank account first. If you are doing business in your own name then the funds should come right to your savings bank account. No exceptions. Whatever bank it may be but it must be a bank.

Please note this point carefully, Indians (VERY IMPORTANT)"

If I use my savings bank account, then I can request Paypal --> Xoom--> My Savings Bank account.
But If Im sending invoice in a Business Name(eg. XYZ Solutions), is it possible to make Paypal(personal/premier)-> Xoom-> My Business Bank Account (I know xoom is for personal payment only. But for a confirmation i asked. Sorry if its irrelevant )

If I use a SB Account i my name for receiving Paypal via xoom and a Business bank account for my Domestic/local billing, How i would prepare for tax returns. please post ur info.

 

This is fairly legal and allowed by Xoom authorities.

This is illegal as the name on the PP account and Business Bank account do not match and is not supported by Xoom. However if you open a PP in the name of the Business and then try to move funds through Xoom to your Business Bank account you won't have any problems at all.

[/quote]

This is alloowed as this falls under Indian government preview under the conditions mentioned in the Income Tax laws.
You could pay taxes on the income you made as an individual and then move the funds to your company account showing it as a loan to the company by it's Directors/Partners.
Although there are various other ways but I don't think they should be discussed as they cannot be called as "fair"

BUSINESS GAMES


Al

 

Thanks arvind. Could you please explain how to verify Paypal Business Account. On who's credit card? Can I use my HDFC bank Savings Account's Netsafe option to verify Paypal Business account?
If it is possible then i can do Paypal Business --> Xoom --> My Business Bank Acc. else Paypal -> Xoom -> Savings Bank Account.

 

The requirement of an IEC code creates problems for people who have just turned 18 and well will soon have a bank acc.
Now,

• Get a bank account.
  
• Get a credit card to verify ur paypal acc. and to make some payments ( this needs a 3 month bank statement and you need regular transactions + you need to show work experience)
  
• Get a PAN card, you need to file your returns
  
• After you get a PAN card, you need to get an IEC code (20 days or more)

Please correct me if I am wrong at this.

So I am currently in the above situation Still need to get started from the 1st step.

 

Sure buddy, you can use the Netsafe card to verify your business paypal id.
After you are done, Paypal Business --->Xoom----> Your business bank account is legal and Ok. Although I am not certain whether you can use the "plastic" card provided by HDFC bank or not if it bears any other name than the "Business Name".


Al

 

hmm, HDFC provides wire transfers directly too right?
Xoom requires registrations to those who are born on or before 1987, and so I couldnt even register. Also please stress mre on the IEC code, is a PAN card compulsorily required? or any other ways?

Regards,
Zeazt.

 

Thanks arvind!
So HDFC's Netsafe is vital for those who are not able to get a credit card to verify Paypal.
@Zeast
Pan Card is very important if your transaction volume goes above 1 lakh. Private banks like Icici, HDFC are asking PAN card for above 50,000.
If you have you are in safer side or keep your transaction volume low.

 

Getting a PAN Card is really time consuming. I donot do any other business as if now. I have started it here on DP. but I have kept it on hault as my exams are nearing. 1 lakh per year would be ok, but 50,000 is something easier so it seems I would definately need it. Or I can do 1 thing, I can show 50,000 per year and if I earn more then I would probably have to ask some Indian DP. member to convert my paypal into INR. Hows that?

Regards,
Zeazt.

 

You can apply online for PAN card; http://www.utitsl.co.in/pan/select_catg_option.php

 

Hello guys I have solutions for getting your PP money out easily. Contact me online at at yahoo and msn.
Thanks

 

I will clarify the situation for you.
You do not require an IEC number as your business is too small and secondly IEC number is not mandatory (today the budget was shown and I couldn't hear it but even if the rules have been changed they will be effective from September onwards)

Not mandatory that if you need a PAN card you need to file taxes and neither is it mandatory that you file taxes if you have a PAN card (although advisable)

Utter crap. No such service available for PP funds although wire services are available for other financial dealings

Utter crap idea. You make 50,000 or 1,00,000/year bring the funds to India as there will be tax on it.However income above this will be taxed.Also please fill the form and deposit it in the Income-Tax office (Form Saral) and thereby go and apply for a PAN Card

I hope this will help.

Thanks for your services. But I guess it would have helped if you provided the info here itself.


Al

 

Hi Arvind...
You cleared most of my doubts...
I sent you a pm...please check them and reply back..

Will we need to pay service tax in india for providing services online to foreign people?

 

Thanks for appreciating my post.

Your Pm has been replied.

Feel free to ask any further questions you have in mind.


Al

 

Also check this how to open a US bank account if you are non resident, though I have not experience about this process but hope you find it useful;
http://myimblog.com/2007/02/22/us-bank-accounts-for-non-residents

 

Arvinda Srivasatava, You are on a terrible misguiding spree!

Deposit or no Deposit, DONOT do it! By paying xoom, you are not bringing any foreign exchange in India, it goes to their paypal account! And they act as a conversion body to send you INR, which is routed in via a financial institution located in Bahrain!

Allowed by the Xoom authorities <== Mind you they have no control whatsoever! I have despatched a hand-written letter to the RBI. Let's see what their reply is.

Also, mate you appeared to have talked to some Xoom authority about this. I suggest you keep a record of any email or phone talks you have gone through. You never know who or where is having a bad day

Cheers

 

yes Requesting a cheque is a good optin amoung all.U can also use Xoom.

 

Thanks arvind, this was very very useful information. I have a clarification:

I had the money transferred by Demand Draft, which needs to be deposited to a bank to be able to make use of it. After reading the other thread, I always thought I made an illegal transaction and had stopped doing so.

But from your post it seems like "as long as" the money is deposited to a bank before use, it is perfectly legal. Also, if the taxes are paid properly, we dont need EIC number unless our income is more than $25,000.

Please confirm this. This would be a great relief.

 

u can even try creatin a new acc wit some other UK address as it has greater limit and transfer funds there and then use xoom to transfer