Re: What is the currency for international funding ?

["SANIsoft" <tarique@xxxxxxxxxxxxxxxxx>]

Hello SWAPS,

AFAIK

NO! you cannot receive a foreign currency and deposit it directly in a
current account in India if you are doing work for an agency abroad. The
banks object to it

You require a EXIM (export import) code from DGFT (director general
foreign trade).
You need to pay Rs1000/- as fee for this.

Luckily it is not a very complex procedure, and I strongly recommend
getting one because the tax benefits to software exporters are many.

I came to know about this when we got our first overseas outsourcing
order for web design and couldn't encash the check sent.

<ot>
However if you run  an online gift shop the same is not required as
there is no transfer of good outside India, however you may still have
to convince your banker about it.
</ot>

HTH

Swati








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- -----Original Message-----
From: SWAPS <swaps@xxxxxxxxxxxx>
To: linux-india@xxxxxxxxx <linux-india@xxxxxxxxx>
Date: Wednesday, May 19, 1999 6:37 AM
Subject: What is the currency for international funding ?


>Hi,
>  I had sent out the following question to the project coordinator of
one of
>the  monetary, web based OSS projects (like sourceXchange.com,
cosource.com)
>and got the following reply.
>My question to the list is: Can a person in India receive a MO in
foreign
>currency and deposit it in their ordinary account ? If not then can we
request
>for a policy change by the government to allow such micro transactions
in
>foreign currency ?
>Reasons:
>1) This is going to become a viable alternative to many OSS developers
who
>would like to work on projects without travelling abroad.
>2) The developing nations can generate lot of income through such
means.
>3) This will be a part of the e-commerce system.
>
>Thanks
>-swaps
>
><attachment>
>
>Great question.
>
>Our current plan is to use US Post international money orders. Do you
know
>if this will work for you, or do you have any suggestions?
>
>Thanks!
>Bernie Thompson
>cosource.com
>
>To: <bernie@xxxxxxxxxxxx>
>Subject: What is the currency for international funding ?
>
>> Hi,
>> I was looking at all these OSS funding projects based on bids and
>> other business models. I like the idea and wish that it becomes a
>> legitimate industry. But I had a question about the mode of payment.
I
>> guess Cosource/Veriteam is a company incorporated in US. If a
>> requirement or bid comes from a guy in one of the European countries
and
>> the developer willing to take up the job is from say Malaysia/India
then
>> how do you transact and make sure that the legitimate guy gets the
>> money.
>> I am asking this because it brings a whole lot of opportunities for
>> people in developing countries to be able to work on projects without
>> having to travel but sitting right in their homes.
>>
>> Sincerely yours,
>> Swapan Sarkar
>
></attachment>
>
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