How to Receive Amount in Lacs from USA to INDIA

Discussion in 'Payment Processing' started by mrockz619, Nov 10, 2009.

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  1. #1
    Hii , m posting this on behalf of my frnd who is not on DP.

    Well he has a client Who Wants to do Forex from India.
    Now he will be dealing in Lacs or Crores in a Month.

    Problem is Forex is Illegal in INDIA , so He wants a Way to get that money in INDIA showing to the gov as if its coming from another source of income

    any idea how can he do this??
     
    mrockz619, Nov 10, 2009 IP
  2. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #2
    Well, can't he use PayPal there ?
    I mean he will send it to Indian paypal and your friend in India can tell that its coming for his freelance sevices. :)

    - Digital -
     
    Digital_shubhi, Nov 10, 2009 IP
  3. mrockz619

    mrockz619 Peon

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    #3
    Forex Company allows Bank Wire only
     
    mrockz619, Nov 10, 2009 IP
  4. radhika.writer

    radhika.writer Well-Known Member

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    #4
    He can ask money through western union..but again there are some limitations for this like receiving limits. Only option is through bank wire. He can register one fake company for some business and can show as money is coming through that business and also he can right off his taxes by showing expense for that company.
     
    radhika.writer, Nov 10, 2009 IP
  5. slash84

    slash84 Active Member

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    #5
    Are you serious asking him about Paypal!! Dont tell me you would transfer such a huge amount with it saying its for freelance. Please tell me once freelance job which earns you crores.
     
    slash84, Nov 11, 2009 IP
  6. mrockz619

    mrockz619 Peon

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    #6
    Right , But How to do did , tht wat he wants to know.

    How can he show a fake company etc etc
     
    mrockz619, Nov 11, 2009 IP
  7. radhika.writer

    radhika.writer Well-Known Member

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    #7
    Well he just have to register a company with the name and address.. that won't be exactly fake as he will be giving address and name to that company. Its just that he dun need to keep staff and buy assets for that company rather he can show his family members as a employee of that company and can pay them certain amount which he can right off as their salaries.

    Regards
     
    radhika.writer, Nov 11, 2009 IP
  8. indiarahul

    indiarahul Peon

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    #8
    Its simple

    Ask your friends to raise an invoice for some services that he has rendered E.g web designing ask the USA guy to make the wire transfer, the receiving bank on behalf of RBI will ask you the reason for remittance mention that its for services.

    Income Tax will be applicable
    IEC - Import Export might be required ask your CA
     
    indiarahul, Nov 11, 2009 IP
  9. mrockz619

    mrockz619 Peon

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    #9
    There is not a guy from USA , its a Legal Forex Trading site.


    Thanks lets see if this works out
     
    mrockz619, Nov 11, 2009 IP
  10. Bohra

    Bohra Prominent Member

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    #10
    Paypal isnt a good idea

    - Thier exchange rates are less
    - They may limit your account

    isnt it possible for them to send the payments in parts ??
     
    Bohra, Nov 12, 2009 IP