Anyone took opportunity of BTC-E CC deposits ?

Blackshadow007

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Currency Xchanger™

Quote from: S_D on June 20, 2017, 10:58:45 AM

Quote from: Blackshadow007 on June 19, 2017, 05:07:31 AM

-snip-

You should seriously consult with a Tax consultant / CA immediately man

; that's not a small amount to keep Low profile .

Blackshadow007, cmon dude don't drop your standards. I still remember this guy from:
https://bitcointalksearch.org/topic/m.19287983
Cheesy

Lol didn't remember that he just mentioned that Gaypal is not legal in India .. Cheesy

S_D

full member

Activity: 198

Merit: 112

Quote from: Blackshadow007 on June 19, 2017, 05:07:31 AM

-snip-

You should seriously consult with a Tax consultant / CA immediately man

; that's not a small amount to keep Low profile .

Blackshadow007, cmon dude don't drop your standards. I still remember this guy from:
https://bitcointalksearch.org/topic/m.19287983
Cheesy

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Quote from: karan1498 on June 18, 2017, 01:13:00 AM

Quote from: S_D on June 18, 2017, 12:26:14 AM

In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

bro i am dealing with huge amounts via cc/dc mostly dc . i almost do tx of 2000 to 5000$ daily . is there anything to be careful or aware of?

and i didnt get the meaning of low profile here , will you make me understand please?

You should seriously consult with a Tax consultant / CA immediately man

; that's not a small amount to keep Low profile .

Blackshadow007

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Activity: 787

Merit: 276

Currency Xchanger™

Quote from: S_D on June 14, 2017, 10:31:45 AM

Quote from: bitcoinisbest on June 14, 2017, 07:00:07 AM

Quote from: S_D on June 11, 2017, 11:02:47 PM

@Blackshadow007 I am not sure if they are aceepting CC/DC. Do you have an option? Premiums are low right now though.

@sardasa Nope, never had a problem with BTC-e, dealing with them since long time now.

Could you explain how do you buy/sell btc at international market. Is it only through your CC/DC or is there any other way you can buy from International market and also do you know if FEMA applies or not?

Also at current scenario how much difference can one make between local and international market,

I leverage my NRI status to deal internationally, Blackshadow007 is the guy who gave out a way deal via CC/DC, kudos to him!
Go >> https://bitcointalksearch.org/topic/m.19220079 to understand what we are talking about.

There aren't a lot willing to help others here. Make sure u PM Blackshadow007 to thank Grin

Thank you and quite a good explain you did out here for others to understand , Personally for FEMA i guess it's limit is way high that anyone to worry about but if you want to get into serious amount trade then i suggest you consult with proper Tax Lawyer or CA

Right now both MP and ADVCash is down for BTC-E Code for temporarily . I contacted BTC-E support and asked they didn't give me any clear picture for CC/DC Deposits so i guess i have to wait for it until they start that service and see what fees they put . But i don't expect that anything lower than 5% + 3.5% currency exchange fee of bank , Right now BITSTAMP also offer CC/DC Deposits but they take i guess 8% fees for it and its open for verified customers only .

karan1498

full member

Activity: 163

Merit: 100

Quote from: S_D on June 18, 2017, 12:26:14 AM

In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

bro i am dealing with huge amounts via cc/dc mostly dc . i almost do tx of 2000 to 5000$ daily . is there anything to be careful or aware of?

and i didnt get the meaning of low profile here , will you make me understand please?

S_D

full member

Activity: 198

Merit: 112

Quote from: bitcoinisbest on June 18, 2017, 12:38:11 AM

Quote from: S_D on June 18, 2017, 12:26:14 AM

-snip-
In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

Well its actually getting complicated to understand what needs to be done. Because enquired with CA too he is still not very clear about bitcoin and what will be the stand by govt. Also regarding FEMA how to treat this btc as a currency or as an asset and will it go under capital gain or source from other income. It actually varies I guess since there is no clear interpretation on this yet.

Indeed, coz no specific circulars/section exist. CA/Lawyers/Financial advisors are trying to make their own interpretation of existing circulars. So, no one could claim a well thought interpretation correct or wrong.

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: S_D on June 18, 2017, 12:26:14 AM

Quote from: Arjunking on June 17, 2017, 05:01:39 AM

-snip-
So is FEMA limit lower than $250,000?

In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

Well its actually getting complicated to understand what needs to be done. Because enquired with CA too he is still not very clear about bitcoin and what will be the stand by govt. Also regarding FEMA how to treat this btc as a currency or as an asset and will it go under capital gain or source from other income. It actually varies I guess since there is no clear interpretation on this yet.

S_D

full member

Activity: 198

Merit: 112

Quote from: Arjunking on June 17, 2017, 05:01:39 AM

-snip-
So is FEMA limit lower than $250,000?

In a way.. Yes. RBI has defined different limits for different purposes. However the total LRS limit is $250,000.
Above this LRS limit you would need approval. Also banks are getting stricter and would ask for an approval even before crossing this limit. And again if you had to ask about FEMA limits on this forum, you most probably aren't dealing in huge amounts so don't worry about it.

If you are trading via CC/DC, keep low profile and you should be okay. Not suggest anything illegal or pointing towards legal loophole here, but hope you get my point.

Arjunking

newbie

Activity: 31

Merit: 0

Quote from: S_D on June 16, 2017, 10:02:51 PM

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

-snip-

Is the FEMA limit same as LRS?

FEMA limits are subset of LRS. Also only individuals are allowed to remit under LRS. Corporates, partnership Trusts, cannot remit under LRS.

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

Is there any way to cross the limit?

Yes, get an RBI approval.

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

Would you mind sharing your CA contact details? I have been looking for one

He is employed, isn't a practicing CA. So sorry about that.

P.S. Availing LRS is only allowed at "Authorized Dealers" and our govt. won't be happy if we acted as our own bank. It's suggested keep your transaction super low internationally if you don't have exit plan planned in advance. Haha its fascinating to discover how cryptos have disrupted existing fiscal regulations.

So is FEMA limit lower than $250,000?

rkp13

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Activity: 172

Merit: 100

I am searching for options to buy BTC with master card. BTCC used to accept master card via simplex with 5% fee. But now they are only accepting visa. I couldn't find any option to deposit BTC-E via CC or DC. I have even contacted them few months back but they said they couldn't accept CC or DC as its a lot of risk for them.

S_D

full member

Activity: 198

Merit: 112

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

-snip-

Is the FEMA limit same as LRS?

FEMA limits are subset of LRS. Also only individuals are allowed to remit under LRS. Corporates, partnership Trusts, cannot remit under LRS.

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

Is there any way to cross the limit?

Yes, get an RBI approval.

Quote from: Arjunking on June 16, 2017, 04:51:01 PM

Would you mind sharing your CA contact details? I have been looking for one

He is employed, isn't a practicing CA. So sorry about that.

P.S. Availing LRS is only allowed at "Authorized Dealers" and our govt. won't be happy if we acted as our own bank. It's suggested keep your transaction super low internationally if you don't have exit plan planned in advance. Haha its fascinating to discover how cryptos have disrupted existing fiscal regulations.

Arjunking

newbie

Activity: 31

Merit: 0

Quote from: S_D on June 16, 2017, 10:35:18 AM

Quote from: ninad.mohile on June 16, 2017, 09:29:19 AM

-snip-
@S_D so do you trade only as much as fema prescribed or is there a method to enhance the limit under some other declaration?
Also what should be the precautions to buy on international usd exchange and sell in inr... I mean keeping arbitrage aside, I can still sell in India if the value appreciates.

My CA suggests I shouldn't disclose how I trade Grin

However, I could advice you that FEMA has no 'prescription' it has limits though, and it's way above your threshold if you are seeking an answer to this question. So be assured you won't cross it.

Arbitrage, fees and TAT shall only be things I would be concerned.
If you are planning to sell after the value appreciates, then you will be better off trading on futures on OKC or Finex.

Also its happy hours for BTC in India right now, don't exploit these happy hours and you should be fine.

Is the FEMA limit same as LRS?
Is there any way to cross the limit?
Would you mind sharing your CA contact details? I have been looking for one

S_D

full member

Activity: 198

Merit: 112

Quote from: ninad.mohile on June 16, 2017, 09:29:19 AM

-snip-
@S_D so do you trade only as much as fema prescribed or is there a method to enhance the limit under some other declaration?
Also what should be the precautions to buy on international usd exchange and sell in inr... I mean keeping arbitrage aside, I can still sell in India if the value appreciates.

My CA suggests I shouldn't disclose how I trade Grin

However, I could advice you that FEMA has no 'prescription' it has limits though, and it's way above your threshold if you are seeking an answer to this question. So be assured you won't cross it.

Arbitrage, fees and TAT shall only be things I would be concerned.
If you are planning to sell after the value appreciates, then you will be better off trading on futures on OKC or Finex.

Also its happy hours for BTC in India right now, don't exploit these happy hours and you should be fine.

ninad.mohile

newbie

Activity: 1

Merit: 0

Quote from: S_D on June 11, 2017, 11:02:47 PM

@Blackshadow007 I am not sure if they are aceepting CC/DC. Do you have an option? Premiums are low right now though.

@sardasa Nope, never had a problem with BTC-e, dealing with them since long time now.

@S_D so do you trade only as much as fema prescribed or is there a method to enhance the limit under some other declaration?
Also what should be the precautions to buy on international usd exchange and sell in inr... I mean keeping arbitrage aside, I can still sell in India if the value appreciates.

S_D

full member

Activity: 198

Merit: 112

Quote from: bitcoinisbest on June 14, 2017, 07:00:07 AM

Quote from: S_D on June 11, 2017, 11:02:47 PM

@Blackshadow007 I am not sure if they are aceepting CC/DC. Do you have an option? Premiums are low right now though.

@sardasa Nope, never had a problem with BTC-e, dealing with them since long time now.

Could you explain how do you buy/sell btc at international market. Is it only through your CC/DC or is there any other way you can buy from International market and also do you know if FEMA applies or not?

Also at current scenario how much difference can one make between local and international market,

I leverage my NRI status to deal internationally, Blackshadow007 is the guy who gave out a way deal via CC/DC, kudos to him!
Go >> https://bitcointalksearch.org/topic/m.19220079 to understand what we are talking about.

There aren't a lot willing to help others here. Make sure u PM Blackshadow007 to thank Grin

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: S_D on June 11, 2017, 11:02:47 PM

@Blackshadow007 I am not sure if they are aceepting CC/DC. Do you have an option? Premiums are low right now though.

@sardasa Nope, never had a problem with BTC-e, dealing with them since long time now.

Could you explain how do you buy/sell btc at international market. Is it only through your CC/DC or is there any other way you can buy from International market and also do you know if FEMA applies or not?

Also at current scenario how much difference can one make between local and international market,

sardasa

hero member

Activity: 1064

Merit: 502

* Buying Bitcoin *

Quote from: Blackshadow007 on June 11, 2017, 09:10:10 PM

Quote from: sardasa on June 11, 2017, 02:10:05 PM

Quote from: Blackshadow007 on June 11, 2017, 11:57:41 AM

Hello , well since many here looking for arbitarage opportunities , Lately BTC-E announced new Verification process which will give you ability to directly deposit to BTC-E with your CC / DC , i wanna ask anyone took that chance here ? any profit from it ? or how much fees they taking for CC / DC deposits ?

Also BTC-E mentioned verified users can deposit via Payza and many other ways too and there will be NO MORE HOLD of funds once you verified .

Please read scam accusation section of this forum before deciding to buy BTC from btc-e.

What you mean by it .. BTC-E scam ? can you link of some of what are u saying ?

One of the many threads against them : https://bitcointalksearch.org/topic/btc-e-scam-victims-meeting-point-1934630

karan1498

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Activity: 163

Merit: 100

CC / DC and other e-currency deposits are still not available and they are planning for it i guess , but over time their deposit fees have been increasing a lot .
I feel CC is still dicy at btc-e.

S_D

full member

Activity: 198

Merit: 112

@Blackshadow007 I am not sure if they are aceepting CC/DC. Do you have an option? Premiums are low right now though.

@sardasa Nope, never had a problem with BTC-e, dealing with them since long time now.

Blackshadow007

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Activity: 787

Merit: 276

Currency Xchanger™

Quote from: sardasa on June 11, 2017, 02:10:05 PM

Quote from: Blackshadow007 on June 11, 2017, 11:57:41 AM

Hello , well since many here looking for arbitarage opportunities , Lately BTC-E announced new Verification process which will give you ability to directly deposit to BTC-E with your CC / DC , i wanna ask anyone took that chance here ? any profit from it ? or how much fees they taking for CC / DC deposits ?

Also BTC-E mentioned verified users can deposit via Payza and many other ways too and there will be NO MORE HOLD of funds once you verified .

Please read scam accusation section of this forum before deciding to buy BTC from btc-e.

What you mean by it .. BTC-E scam ? can you link of some of what are u saying ?

sardasa

hero member

Activity: 1064

Merit: 502

* Buying Bitcoin *

Quote from: Blackshadow007 on June 11, 2017, 11:57:41 AM

Hello , well since many here looking for arbitarage opportunities , Lately BTC-E announced new Verification process which will give you ability to directly deposit to BTC-E with your CC / DC , i wanna ask anyone took that chance here ? any profit from it ? or how much fees they taking for CC / DC deposits ?

Also BTC-E mentioned verified users can deposit via Payza and many other ways too and there will be NO MORE HOLD of funds once you verified .

Please read scam accusation section of this forum before deciding to buy BTC from btc-e.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Hello , well since many here looking for arbitarage opportunities , Lately BTC-E announced new Verification process which will give you ability to directly deposit to BTC-E with your CC / DC , i wanna ask anyone took that chance here ? any profit from it ? or how much fees they taking for CC / DC deposits ?

Also BTC-E mentioned verified users can deposit via Payza and many other ways too and there will be NO MORE HOLD of funds once you verified .

Topic: Anyone took opportunity of BTC-E CC deposits ? (Read 1850 times)