PayPal Resumes Bank Withdrawl In a Few Days By March 3.

Ohhhh It Completely Sucks

 

i am with you... can you just let me know the limits for bank wire per transaction or per month, whatever it is..

 

why paypal go through all the fuss! why not just transfer the money to indian banks in USD. This would easily byepass RBI regulations and our govt gets the exchange. Just because paypal is doing conversion from USD to INR, they profit from exchange rate and RBI gets nothing and providng hurdles such as export code.

 

If we need to ask the bank for the code than it woul be frustrating because you know how indian banks work. I dont know abt other banks but my bank is too slow and its frustrating.

 

thanks dude..i dont think there is any limits...i asked my banker he told me you can transfer as much as you want ...at the end you have to pay the taxes..but they took undertaking from me regarding the nature of payments and work ..i gave them that...

 

If they do so, they loose the huge money they make in name of currency conversion cost . .

 

I'm Service provider Premier account holder connect my HDFC Bank account with paypal now for Export Code should we need to show any other document to Govt? Is that case any special Tax is applicable lot of question!! Who will give us Export Code PayPal?

 

no limits.. thats great !! but 'undertaking' as in ? do we need to provide any written to the bank? and who is ur banker btw? i depend upon sbi and hdfc.. thanks for all the info..

 

yeah a simple letter mentioning the purpose of remittances recieved had IEC been so serious they would have been the first one to ask but i am pretty sure it depends on the amount recieved.......mine is axis bank...

 

guys just have patience and let paypal officialy update everything...

 

I spoke about this to my auditor. He has a paypal account too as he does some affiliate stuff himself. He said that I can get an SSI registration done for about Rs 400 at the local DIC, and apply for IEC from the MoC office, which would cost me about Rs 2000. With the SSI I can open a bank account in a company's name, and as it would be a sole proprietary company, the taxes would be just the same as what you are paying as personal tax/professional tax. No company tax would apply, and above that, if you are working from home, you can add your power bill and house rent/property tax (without having to convert power/rent/property to commercial) as expenses and claim rebates, which is something you can't do when you file as a professional tax filer. You can also claim depreciation for your computer, and write off a lot of money as cost of peripherals and stuff. This way you can make your turnover look a lot bigger.

So freelancers, go ahead and spend that $50 to get this done, it will do you good in the long run.

 

if we can get the IEC without current a/c, that would be great..

 

thanks bro.. lets see wat is there in store for us..

hoping against hope

 

welcome bro..yeah eagerly waiting

 

Paypal may / may not ask us to enter the IEC, anyway some info.

Just to clarify.

1. An individual can apply for IEC, need not register any company / SSI etc.

2. Fee is Rs.250 only.

3. The bank account can be normal SB account. No need of current account.

More info -

http://dgft.gov.in/dgftcla/faqs.asp

http://dgft.gov.in/dgftcla/database/faqiec.pdf

 

Wow! Good News for All Indian Paypal User. Thank You.

 

do you got your money in bank with interest from paypal

 

Can anyone please help me with this. I need more information regarding this. Can you please pm the the auditor's cell no. If anyone has info regarding these please pm me your cell no or contacts.