How to get Cash from Paypal in INDIA

It looks like there is still a debate about whether direct transfer to bank acc. using Xoom is legal or illegal between Arvind and Abhishek.
Well, Keep up the good work guys, will wait for more information

Regards,
Zeazt.

 

Is Xoom accepting from Paypal unverified account?

 

Using Xoom would be useless if you dont have a verified account. Paypal puts an overall sending limit of 100 USD for accounts which are still unverified. So you can withdraw a maximum of 100 USD through Xoom using an unverified account.

 

Thats a good point. naif

 

Firstly I would like to thank Mr. Abhishek for calling me "a terrible misguiding spree". I appreciate your comments with a open heart.

Secondly I would like to point out some things.
All of us work on the internet doing different errands trying to make some $$. This money is deposited in our respective paypal account. Right.
Thereafter we ask paypal authorities to issue us a cheque so that we can deposit that very cheque into our respective bank accounts. Right.
This is the normal procedure that we till now have following up.

That means Paypal too coverts our $$ lying in our respective accounts to INR and acts like a conversion body and routes it through one of it's office outside India (Please don't tell me that Paypal has an Indian office/subsidary operational in India.)

The thing to conclude from the above disscussion is that both Xoom and Paypal are doing the same thing (acting like conversion authorities)
Also both have a license to act as Moneyexchangers.
Then what is illegal in it???

Does paypal has some special previleges bestowed on them from the GOI.
I guess the rules are the same for both when both of them are registered US companies.

Thirdly for your reference and for others reference too I am putting the contents of the email I have from the xoom authorities that clearly states that such transfers are legal.The reference number and date are clearly visible.Also feel free to use the information below in your conversation with the RBI
Contents of the email are as follows:

Date: Mon, 12 Feb 2007 20:59:53 -0800 (PST) To:arvind_lml@yahoo.co.in From:"Xoom Customer Service" <customerservice@xoom.com> Subject: Inquiry [Reference Number: 070212-000211]
Thank you for your interest in Xoom's money transfer service. Below
is a summary of our recent correspondence with you.

Please reply to this email at any time if you have any further
questions on this topic. For any question, you can always reach our
Customer Service team by clicking here: https://www.xoom.com/support

Thank you again for your interest in sending money through Xoom.com -
the Smarter Way to Send Money.

Discussion History
---------------------------------------------------------------
Xoom Corporation (Ujjal Ghosh) - 02/12/2007 08:59 PM

Dear Arvind,

Thank you for contacting Xoom Customer Service.

Please be informed you can transfer funds from your Verified Paypal
account through Xoom but you should select the disbursement type only as
Bank Deposit or Delivery and not Pick-up, at the time of initiating the
transfer. The normal processing time for funds to be transferred to the
recipient’s Bank Account is usually 2-5 working days.

Please let us know if you have any additional questions. Thank you for
choosing Xoom.com – the Smarter Way to Send Money.

Customer (Arvind Kumar) - 02/12/2007 01:36 PM

I happen to have a verified Indian paypal account. Can I use Xoom
services to transfer my paypal balance to my HDFC bank account in India.

If yes, in how much time should I be expecting funds in my HDFC account
after I use your esteemed service.

Looking forward to an honest and quick reply.


Regards
Arvind

Auto-Response - 02/12/2007 01:36 PM

Suggested Answers Displayed



[---001:001256:58768---]

Sincerely,
Ujjal Ghosh
Xoom Customer Service

Xoom Corporation - The Smarter Way to Send Money
Open Seven Days a Week
www.xoom.com/support
1-(877) 815-1531 (In the U.S)
1-(415) 281-4290 (International)
1-(415) 415-777-8690 (Fax)

The last thing that I wanted to hear was RBI doesn't knows that Xoom is transferring money to India without it's permission. They have no control over it ??? You mean to say we are basically engaged in money laundering and it's been happening under the nose of the RBI for more than 2-3 years. Highly absurd.
If it couldn't stop Xoom from transfering money to India atleast it could have stopped the Indian banks from recieving funds that come under it's preview to accept funds that are coming from XOOM.What say??

Also those of you who had requested for a copy of the above said email have been despached the same and if anyone else would like to have a look at it, he/she may feel free to PM me with his/her email address to have a look.
Also feel free to ask the Xoom authorities on your own for the same service.

Sorry buddy, but I can't answer your question until you explain a few minute finer points to me.
From where are the funds coming from?
Who has paid you with these funds?
How come did you catch hold of a DD in INR?
Did you use a money exchanger service?

I would again like to tell noobies that the above mentioned rule is applicabel from 2006 onwards but as the budget has been bestowed on us and I haven't been able to decipher that so I can't comment on the rule that will be appy for the financial year 2007 (read starting March 2007 onwards)
As of currently the rule still is the same as quoted above.

Utter crap idea. You will have to "verify" the UK account to pay XOOM which requires the details of a "checking account in UK" which is next to impossible under current rules for Indians to have.

 

A very profesional reply Arvind, appreciate it
Thanks to you, alot of my doubts are cleared.
The only doubt now left is about the IEC Code requirement if anual income is less then 25,000$.

"Rep Added"

Thanks again.
Regards,
Zeazt.

 

you rock man nice post arvind

 

Feel free to add reps, it really doesnt hurt

Regards,
Kulwinder.

 

Hello Arvind,

I am still confused with this once again. I guess I am doing something illegal unintentionally. Please advise.

I have Paypal Account in businessname for eg XYZsolutions at paypal dot com. Now I raise invoice to my Client in the same name i.e XYZ Solutions. However, I only hold savings account in my name and no business account. Which means the invoice and PP account is in the name of XYZ solutions and the money is getting transferred in the name of ABC. After reading your post, I got bit confused. If the above is wrong, can something be done at this now?

Thanks

Jeet

PS: Arvind, I know this post is long time back, but I happened to read it now only. Since you are lending your helping hand selflessly, I have a word of caution for you. Do not reveal your true Emails with all correct address and stuff like that. I understand, you are helping others, but these days, there are few ones who would like take undue advantage of your innoncence. Just a thought !!

 

Hi
My name is Bhanu and I am working as a freelance programmer providing software solution for my clients in US. My annual income does not exceed ten thousand dollors. I receive all my payments through my paypal account and transfer them to Indian bank directly. Can any one please tell me weather I am liable for ta in any form or not.
Thanks
Bhanu

 

Kindly go through below given post and see if that person going to help you anymore.

http://forums.digitalpoint.com/showthread.php?t=221445


very thankfull for your information!

 

Hi
My name is Bhanu and I am working as a freelance programmer providing software solution for my clients in US. My annual income does not exceed ten thousand dollors. I receive all my payments through my paypal account and transfer them to Indian bank directly. Can any one please tell me weather I am liable for tax in any form or not.
Thanks
Bhanu

 

To solve all your issues, you might wish to get an UK corporation + debit card + bank account making you capable to verify your PayPal, not get accused for tax evading and accessing your PayPal money in a secure environment. You might wish to read more at: offshoreprivacy.org/UKCorp.html

 

add a bank account to your paypal and transfer. your bank account will be deposited within 3 days and secure.

 

Hi Al

How are you doing ?

I own a very small business.

We had a question about paypal and need to know a few things

I am withdrawing all my money from paypal into bank business account directly with the paypal withdrawal option to bank transfer in INR

Questions

1) Is this legal ?

2) I am registered into STPI too after reading your threads, but does STPI accept payments into INR ? even though it is ultimately from foreign client but payment hits us in INR. So Bank does not give a BRC stamp for STPI purpose of accounts.
So will I not get tax exemption on the income which has come from paypal into INR even though all payment and withdrawals are directly done in bank account ? (IF) Stpi doesnt get a brc stamp on softax forms.!

Can you please explain ?

Thanks
Brij

 

Do u have any idea to withdraw money from paypal???

or

How many days will it take to transfer money from paypal to credit card???

is there any possibilities to cashed out the money from credit card???

And how many days will it take???

please reply..

 

The CC withdrawal process takes 3-4 days from PP. Its 5$ charge.


xx

 

Well, this thread is rather old now but I guess with the current Paypal situation in India, many webmasters are having problems withdrawing paypal funds.

Please post here or in a new thread and I will definitely try to answer all questions.


Thanks
Al

 

Hi everyone I don't know if this is a right place to put up this question but still I really need help.
I am an applicant for further studies to the US, and I have sent a demand draft as application fee of 145$, but they have rejected my cheque saying it doesn't have routers number. my cheque was from State Bank of India. Can anyone guide me about it as they have put my application on hold. Will really appreciate the help.