Indian Domainers - Have u had problems with wire?

[Shark]

Indian Domainers, I have a query. How do you transfer money for your big purchases - $xx,xxx ?

I had no problems with wire transfer from my Citibank account here in India till last year, But they're doing all crap these days routing two of my recent wires to wrong banks.

Which bank is best for the wire transfers? :?:

 

[FuseFX]

Indian Domainers, I have a query. How do you transfer money for your big purchases - $xx,xxx ?

I had no problems with wire transfer from my Citibank account here in India till last year, But they're doing all crap these days routing two of my recent wires to wrong banks.

Which bank is best for the wire transfers? :?:

No problems in here. Citi routes your wire through their NYC branch. Make sure you tell the person sending you the wire that the format for sending wire transfer is MT103 Format.

 

[Shark]

Thanks for the reply Lord Brar. Any idea what that MT103 denotes? Is that a for non-physical purchases?

Citibank delayed my latest wire transfer by over 10 days. They asked for CA certificate (form U/S 195) since I asked them why my transfer has not been processed. I never had to give these forms a year back. Do you guys do?

Whatever they delay, the only reason they give is "This is the first time we're doing a transaction for domains". lol..

 

[FuseFX]

Thanks for the reply Lord Brar. Any idea what that MT103 denotes? Is that a for non-physical purchases?

Citibank delayed my latest wire transfer by over 10 days. They asked for CA certificate (form U/S 195) since I asked them why my transfer has not been processed. I never had to give these forms a year back. Do you guys do?

Whatever they delay, the only reason they give is "This is the first time we're doing a transaction for domains". lol..

MT103 format is when the wire goes through an intermedia bank -- like Citi NYC.

Nopers, never had to give anything. However, we declare the incoming wire as eCommerce Income and have declared our company as a DotCom Company when we opened a Citi account at Jaipur.

 

[FuseFX]

Also it might help -- we have an EEFC account linked to our Current Account. This allows us to get and keep money in USD.

 

[Shark]

MT103 format is when the wire goes through an intermedia bank -- like Citi NYC.

Nopers, never had to give anything. However, we declare the incoming wire as eCommerce Income and have declared our company as a DotCom Company when we opened a Citi account at Jaipur.

Also it might help -- we have an EEFC account linked to our Current Account. This allows us to get and keep money in USD.

Oh cool.. Thanks for your reply. I guess it shd be lot easier to do a transfer from EEFC account as no exchange is involved.

Another Qn.. If you declare incoming wire or USD cheques as eCommerce income, you still have to pay the 30% tax on income right?

 

[FuseFX]

Another Qn.. If you declare incoming wire or USD cheques as eCommerce income, you still have to pay the 30% tax on income right?

Yes.

 

[Shark]

Yes.

tnx..