Paypal Resuming local bank withdrawals to India :-but not for personal payments

Discussion in 'Growing and Managing a Business' started by realitybites.in, Feb 27, 2010.

  1. realitybites.in

    realitybites.in
    uix_expand uix_collapse
    Member

    Joined:
    Apr 23, 2009
    Messages:
    368
    Likes Received:
    0
    This is email which received today

    And have look @ This blog post

    https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/
     
    #1 realitybites.in, Feb 27, 2010
    Last edited: Feb 27, 2010
  2. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    Yes, I am happy by reading this mail as PayPal is back on the way. But, there are some new changes which we will need to keep in mind and we will have to learn about them. I am waiting for there new mail which will give instructions about how to withdraw.
     
  3. realitybites.in

    realitybites.in
    uix_expand uix_collapse
    Member

    Joined:
    Apr 23, 2009
    Messages:
    368
    Likes Received:
    0
    Sahil @ present we need to have Import Export Licence

    which is little problem

    Like we need to have VAT Number ( Licence )
    And apply for Import Export Licence ...and so on

    this is good only for Importers and Exporters who use paypal
     
  4. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    Yes, that is what the problem is. We will have to take Import Export license from government and this will be long term process :mad:
     
  5. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Good to see that this is moving in the right direction. The licence requirement will make it difficult for many to get paid by PayPal, but at least established businesses can now resume their exports and receive payments from their international clients. The licence arrangement will also help ensure that the Indian government gets paid their taxes.
     
  6. GekiDan

    GekiDan
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 11, 2009
    Messages:
    2,594
    Likes Received:
    218
    Well, it's good news.
    It's better to have this than nothing at all. Right?
     
  7. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    No, but it is not at all good at least in India. Because when all the people will go to take Import Export License then the prices will instantly increase. As far as concerned to me, I already have it, lucky me. :)
     
  8. GekiDan

    GekiDan
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 11, 2009
    Messages:
    2,594
    Likes Received:
    218
    So what will this Import Export License do? Is it similar to the permit used my stores who sell imported good?
     
  9. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    No, it is something like VAT No. It will be a number and I think we will have to enter it and verify our PayPal account with it, then and only then we will be able to withdraw. I am not clear about it. But PayPal will mail everyone on 1st March.
     
  10. GekiDan

    GekiDan
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 11, 2009
    Messages:
    2,594
    Likes Received:
    218
    VAT. That means you will pay double fees. Fees for Paypal and fess for your VAT. :(
     
  11. realitybites.in

    realitybites.in
    uix_expand uix_collapse
    Member

    Joined:
    Apr 23, 2009
    Messages:
    368
    Likes Received:
    0
    its not like the permit used in stores who sell imported good

    it is Business License
    by which you get rights to sell you stuff to other country (Export) and buy stuff from other country (Import) may be even service

    this is big problem for freelance workers
    from where will they get this License
    because i will cost them any where between $700 to $1500 ( For New License )

    this will help the Government ,,,,to get tax

    Because Majority of Indian's don't pay there tax properly :mad:

    Its not fee but TAX
     
    #11 realitybites.in, Feb 27, 2010
    Last edited by a moderator: Feb 27, 2010
  12. GekiDan

    GekiDan
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 11, 2009
    Messages:
    2,594
    Likes Received:
    218
    Well, it's the same as fees. Since you need to pay VAT.
     
  13. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    Yes, they are same. VAT means Value Added Tax. And yes, Paypal will charge tax for it. :mad:
     
  14. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    Are you referring to the price of the licence, or something else?
     
  15. Sahil

    Sahil
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 26, 2009
    Messages:
    1,003
    Likes Received:
    45
    Yes, prices of license. :mad:
     
  16. GekiDan

    GekiDan
    uix_expand uix_collapse
    Active Member

    Joined:
    Jun 11, 2009
    Messages:
    2,594
    Likes Received:
    218
    $1500 for just a license? Isn't that over the top?
     

Share This Page