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New Bank Withdrawal Instructions for Our Customers in India - thepaypalblog

Discussion in 'PayPal' started by oohaah, Mar 1, 2010.

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  1. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #101
    We are just guessing,guessing and guessing everything :( Someone please give us proper direction to move :confused:

    DON.
     
    deluxdon, Mar 1, 2010 IP
  2. Axus Technologies Inc.

    Axus Technologies Inc. Peon

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    #102
    Better to what is right and show the scanned copy of paypal invoice, if bank asks for that.
     
    Axus Technologies Inc., Mar 1, 2010 IP
  3. Bohra

    Bohra Prominent Member

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    #103
    Until we actually withdraw and see thats all we can do
     
    Bohra, Mar 1, 2010 IP
  4. salaxzar

    salaxzar Well-Known Member

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    #104
    guys relax...if you are a regular tax payee then it doesnt matter what code you use...If you are paying your tax bank wont ask for anything....This step was taken to make sure that money coming from foreign is declared in your income..
     
    salaxzar, Mar 1, 2010 IP
  5. sangs

    sangs Well-Known Member

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    #105
    I have 2 Paypal accounts.I use it for different business.Sometimes I do transfer funds from one Paypal account to the other.In the present scenario after all these changes will it be possible to transfer the funds from one Paypal account to the other.
     
    sangs, Mar 1, 2010 IP
  6. gauravgrt

    gauravgrt Peon

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    #106
    I think it will be better to consult our C.A before we initiate any withdrawal, I just called my C.A and going to meet him this afternoon. will update you if i get any new info.

    I think by applying this code will be considered legally as exporters of services and hence we might be eligible for 10yr tax holiday under section 10 (b)
     
    Last edited by a moderator: Mar 1, 2010
    gauravgrt, Mar 1, 2010 IP
  7. adi231189

    adi231189 Peon

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    #107
    There is considerable Fuss about this i think the Code is not the issue but what RBI wants is you declare what you are earning mostly they are more interested in you paying taxes and Reporting the Income you earned in Foreign Exchange.
    So If you don't cross the limit of 1.60 lac any way you don't have to file taxes at all.And mostly RBI looks into high value transactions like above 40k i suppose.

    So i guess we all have to wait and see tomorrow what happens Since paypal has come up with a solution in a month we need to keep some faith in PP.

    Edit: So does that mean XOOM is also back if that is the case i may use XOOM they have much better Exchange rate if you use a Coupon
     
    Last edited: Mar 2, 2010
    adi231189, Mar 2, 2010 IP
  8. Ksoft India

    Ksoft India Peon

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    #108
    Hi,

    Can anyone tell me what would be the apropriate code for a freelancer graphic designer? And what is softlexx from and is it applicable to freelancer graphic designers?
     
    Ksoft India, Mar 2, 2010 IP
  9. cool_PTC

    cool_PTC Peon

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    #109
    Hi All,

    I guess enough is told about all this Export Code process and also whether Banks will request for documents and when to submit them. See, normally whenever you deposit a cheque for above Rs 50K, you should always include a PAN number. This is only for reporting to the bank in case RBI asks for such transactions. Pan Number is like a single proof that you are paying your taxes to the Govt. Now if you do several different kinds of transactions and do not know which purpose code to use, use the one most appropriate and the one which has the highest priority or highest amount received. When you send the money to the bank, the bank may not ask you upfront to produce documents, but if they see that there are several transactions which amount to lakhs of rupees (Rs 1L and above), then they might ask you to submit proof of your business or whatever and that will be decided by the bank.

    Paypal will not need these documents, because if they ask for these documents, then there would be more than say 1000 account holders whose docs they need to check before passing the withdrawl.

    My hunch is, what Paypal would do is (during their upgrade tonight), they would run a script to check the kind of transactions (invoices, ebay, personal, services) and so on an based upon that, you would have a drop-down list to select the purpose code.

    In case there is no purpose code, then it is a Personal remittance and you can only request by Cheque (as per the FAQ's in the email yesterday on the paypal blog).

    So ultimately Paypal is not taking any responsibility about each transaction. In case RBI wants to check, then Paypal will point to the individual banks. They will show the purpose code shown for the transactions and the individual banks will be responsible to ask for the relevant documents. So Paypal will be saved from trouble. Also if you note, cheque withdrawl will not have these hassles, because, you have a documentary proof of the cheque which is preserved by the bank, which can be submitted to RBI during any audit.

    Hope this clears. But kindly let me know if there are any errors.
     
    cool_PTC, Mar 2, 2010 IP
  10. JoomlaDesigner

    JoomlaDesigner Active Member

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    #110
    I think we don't need to worry about it and I don't think Bank will ask us for the documents..
     
    JoomlaDesigner, Mar 2, 2010 IP
  11. emiley

    emiley Active Member

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    #111
    Hi

    I am a content writer, which code do I need to use?

    Thanks
     
    emiley, Mar 2, 2010 IP
  12. ebiztrendz.com

    ebiztrendz.com Well-Known Member

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    #112
    IMO, You must use the code for the freelancers

     
    ebiztrendz.com, Mar 2, 2010 IP
  13. ebiztrendz.com

    ebiztrendz.com Well-Known Member

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    #113
    ThanxGOD, as PAYPAL doesn't introduced the IEC code to mention as its a expense of Rs 5000/-, This is what my CA told me. When i saw this thread, i relaxed to know that PAYPAL has generated some codes to identify the nature of transaction and business.
     
    ebiztrendz.com, Mar 2, 2010 IP
  14. ron_bun

    ron_bun Active Member

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    #114
    Ideally you should utilize P805 code. As per their official statement it is meant for content providers.

    The best go would be to raise a ticket with Paypal's helpdesk. They would guide you appropriately
     
    ron_bun, Mar 2, 2010 IP
  15. jinsona

    jinsona Well-Known Member

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    #115
    [​IMG] Enough said..
     
    jinsona, Mar 2, 2010 IP
  16. ioppp

    ioppp Peon

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    #116
    my ac showing some changes in withdrawal option, :confused:
     
    Last edited: Mar 2, 2010
    ioppp, Mar 2, 2010 IP
  17. ipshita089

    ipshita089 Active Member

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    #117
    After clicking the 'withdraw' option, we are getting a statement as follows:

    We are making some changes to our product in compliance with India regulations for settlements for exports of goods and / or services. During this time, we have temporarily suspended the ability to withdraw money to your bank account. We hope to resume settlements to enable you to withdraw funds to your local bank account without delays.

    As part of the changes, you will also be required to fill out a new field entitled 'Export Code' when you request a withdrawal. This information is required in order to identify the nature of cross-border merchant transactions.

    Our sincere apologies for the inconvenience you must be facing. Please be assured that we are working to resolve this as quickly as possible and we will make sure to keep you updated
     
    ipshita089, Mar 2, 2010 IP
  18. Wisden Writers

    Wisden Writers Well-Known Member

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    #118
    Just read the whole post at Paypal Blog.Seems Everything is fine now. Still not withdrawing money...
     
    Wisden Writers, Mar 2, 2010 IP
  19. Wisden Writers

    Wisden Writers Well-Known Member

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    #119
    @Jinsana..Thats really kool man!!

    Pic showing exact condition of Indian User.
     
    Wisden Writers, Mar 2, 2010 IP
  20. linkart

    linkart Member

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    #120
    which one is for seo freelancer who is buying and selling links and providing link building services and ad spaces - 801 , 802 or 803 ??
     
    linkart, Mar 2, 2010 IP
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