Workshop- 'Receiving International payments' by niceshop4u (15 June 5-6 PM)

[sapana@ebay.com]

Dear Sellers,

We have often seen questions from sellers, both new and experienced, on the best way to receive payments from the international buyers. This week we have seller niceshop4u who will discuss the various options you have to receive international payment and associated details that one needs to know while receiving payments from international buyers.

Please join this workshop on 15th June, 5 -6 PM on this thread. You can also submit your question now by clicking on Post reply button.

Regards,
Sapana

A note from our Legal Department:

The statements and opinions made in this workshop are those of the workshop host only and do not reflect eBay policy or eBay's opinion with respect to such statements.

[sareewholesale]

Hello sir ... Greetings !
I Wanted To Know How To Account For International Sales ?
If It Is Shown As Exports In Books , The C.A Asks For FIRC , Which We Do Not Have In Case Of Payments Recieved From Paisa Pay , Instant Transfers , Xoom Or Paypal
So Please Suggest A Simple Method To Account For Such Sales ...
Thanks In Advance ... Regards

[indconcepts]

Hello niceshop4u,

It great to see you conduct this workshop.

sareewholesale has already asked you the toughest question.

You get 100 out of 100 if you can answer his question.

Since you are into International Selling in a big way, kindly let us know how you take care of your account books.

That's because until you get an FIRC from PaisaPay / PayPal you cannot go by the RBI rules and cannot prove that you have received Foreign currency.

As per RBI ....

It's obligatory to receive foreign currency against goods exported.

And vice-versa .....

it's obligatory to export goods against foreign currency received. .


best regards

Umang Midha

[vinigems]

Hello sir
I Want To Know How To manage Account For International Sales ?
If It Is Shown As Sale to other countrty coustmor In Books , The C.A Asks For FIRC , Which We Do Not Have In Case Of Payments Recieved From Paisa Pay , Instant Transfers , Xoom Or Paypal & we have shiped it by couriar
So Please Suggest A Simple Method To manage Account For Such Sales ...
Thanks With Regards
Rushabh Shah

[coolbrasco]

Dear niceshop4u,

Thanks a lot for organizing this work shop. I receive some payments via PayPal. But the fees is relatively high like 5%. Is there any other option i can receive the payments in US$ and other currencies which charges less commission ?.

Best regards,
CoolBrasCo.

[niceshop4u]

Dear Coolbrasco,

You can switch your account to the premium or business account. The transaction cost will be less. And For an international buyer, they are always ready to pay the TPC cost, which is additional for the seller. So you can make a charge in invoice as well. Buyer will pay that additional cost of TPC. Its only 3.74 % TPC is there.

Kind Regards,
Chinmay Tripathi.

[niceshop4u]

Dear Rushabh,

There is no RBI Rule for the PAYPAL transactions, as these payment will comes in to the INDIAN Currency. You can accept almost 16 diff currencies from the 150 countries, but whatever draft will issue that will be in INDIAN RUPEES. Now that does matter, that how come you will show that draft entry in to your business or CA. None of payment wills comes in $$. It will be not remittance. You are selling your product to international market, and the same way you are getting payment in Indian Rs. You need to show the perfect invoice of the sell.

Kind Regards,
Chinmay Tripathi

[niceshop4u]

Dear Sir,

This currency and transaction will come in INDIAN RUPEES only at your doorsteps. This is not bank remittance. You can raise invoice in Indian Rs. And there will be no Local TAX applicable on these transactions, as this is International. You will get payment in Indian Rupees only. Where there is no remittance, there was NO FIRC REQUIRED. Pay Pal does not give FIRC and Its not required.

Kind Regards,
Chinmay Tripathi.

[niceshop4u]

Dear Sareewholesale,

NO FIRC required for this transacation. You can show this amount in Indian Rs. As this will comes in Indian Rs only.

Thank You,

Kind Regards,
Chinmay Tripathi.

[sareewholesale]

Dear Sir ,,, A few points put by you are confusing ... can you elaborate ?
what is an IEC Lawyer ?
What Are The Licences required for online selling ?
Your Forefathers Used To Sell online ?? do you mean that ?
What is gifting value ?
What to do in case of payment from america is 650 usd or around 26000 whch is not gifting value as you call it ?
You say a person can bring any amount of money if in indian rupees , do you mean i can collect 50 lakh usd in 16 currencies and bring the money in INR ... and it will be no problem as long as it is in indian currency ? i have my doubts , so seeking clarification ....
of course seeking advice from legal council is always there , but its great to have sound advice from super sellers who are selling online since 100 years