[Feature Request] unocoin.com if you see this . please respond

ctptosec

newbie

Activity: 22

Merit: 0

Few comments on this thread:

As per the regulatory complaince, companies /FI/FIIs hold funds as an advance on certain period based on business classification.It's called business cycle.

Say stock broker( who is regulated by SEBI) allowed to hold up to 3 months; Here 3 months is the business cyle.
Automobile manufactures allowed up to 1 month; Here 1 month is business cycle.

NBFC can collect deposits based on category.
Apart from this custodians can hold funds.
FIs/Registrars/Merchant bankers/SPV's can hold funds up to 15 days in Escrew accounts in Banks.

Example:If I book a car with an advance payment of Rs30000,Car dealer will deliver the car after 1 month.
If I want to buy a stock and I will first deposit to stock broker account, after one month I will buy the stock.

Hence based on the business classification,advance payments allowed upto ceratin period.

dashingriddler

legendary

Activity: 1258

Merit: 1001

Quote from: highkart on July 18, 2014, 08:45:30 AM

Quote from: BitCoinDream on July 18, 2014, 06:13:25 AM

Quote from: dashingriddler on July 18, 2014, 01:00:59 AM

Quote from: bitcoinkerala on July 17, 2014, 11:20:52 PM

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Hello,
Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin.
What we are instead working on is an easy monthly saving scheme - where you setup for how much you are willing to buy per month on your preferred date. We send you a gentle reminder to do the payment and purchase the bitcoins on that date.

Android app is mostly done - will be followed by testing and launch.

We are not lagging in verifications - if you have already got a call from us during verification, it would be done by now. If not you will have to wait. We are making sure the verifications complete with in 24 hours during weekdays since proper doc submission if the customer is able to pick up the call and provide verbal verification. BTW if your account is still not verified please provide your USER ID and i will look into it.

Regarding taxes get more info here https://www.unocoin.com/post/92

Regards

I heard of a law that to hold customer's money in company account for more than a certain period one needs a banking or NBFC license and need to pay interest... Do u mean that ?

Actually it comes under RBI guidelines and regulations. It allows only Banks and eWallet companies to take deposits from Individuals for which they have to maintain a sizable balance with RBI to avoid any kind of issues to the retail customers. NBFC are not allowed to take deposits.

There are two types of NBFC and one of the type does allow deposits

dashingriddler

legendary

Activity: 1258

Merit: 1001

Quote from: BitCoinDream on July 18, 2014, 06:13:25 AM

Quote from: dashingriddler on July 18, 2014, 01:00:59 AM

Quote from: bitcoinkerala on July 17, 2014, 11:20:52 PM

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Hello,
Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin.
What we are instead working on is an easy monthly saving scheme - where you setup for how much you are willing to buy per month on your preferred date. We send you a gentle reminder to do the payment and purchase the bitcoins on that date.

Android app is mostly done - will be followed by testing and launch.

We are not lagging in verifications - if you have already got a call from us during verification, it would be done by now. If not you will have to wait. We are making sure the verifications complete with in 24 hours during weekdays since proper doc submission if the customer is able to pick up the call and provide verbal verification. BTW if your account is still not verified please provide your USER ID and i will look into it.

Regarding taxes get more info here https://www.unocoin.com/post/92

Regards

I heard of a law that to hold customer's money in company account for more than a certain period one needs a banking or NBFC license and need to pay interest... Do u mean that ?

That's right. Paying interest is not mandatory. And that certain period is the period of one business cycle. Which is just a few days for bitcoin business.

highkart

sr. member

Activity: 261

Merit: 250

The Bitcoin Store for India

Quote from: BitCoinDream on July 18, 2014, 06:13:25 AM

Quote from: dashingriddler on July 18, 2014, 01:00:59 AM

Quote from: bitcoinkerala on July 17, 2014, 11:20:52 PM

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Hello,
Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin.
What we are instead working on is an easy monthly saving scheme - where you setup for how much you are willing to buy per month on your preferred date. We send you a gentle reminder to do the payment and purchase the bitcoins on that date.

Android app is mostly done - will be followed by testing and launch.

We are not lagging in verifications - if you have already got a call from us during verification, it would be done by now. If not you will have to wait. We are making sure the verifications complete with in 24 hours during weekdays since proper doc submission if the customer is able to pick up the call and provide verbal verification. BTW if your account is still not verified please provide your USER ID and i will look into it.

Regarding taxes get more info here https://www.unocoin.com/post/92

Regards

I heard of a law that to hold customer's money in company account for more than a certain period one needs a banking or NBFC license and need to pay interest... Do u mean that ?

Actually it comes under RBI guidelines and regulations. It allows only Banks and eWallet companies to take deposits from Individuals for which they have to maintain a sizable balance with RBI to avoid any kind of issues to the retail customers. NBFC are not allowed to take deposits.

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: dashingriddler on July 18, 2014, 01:00:59 AM

Quote from: bitcoinkerala on July 17, 2014, 11:20:52 PM

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Hello,
Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin.
What we are instead working on is an easy monthly saving scheme - where you setup for how much you are willing to buy per month on your preferred date. We send you a gentle reminder to do the payment and purchase the bitcoins on that date.

Android app is mostly done - will be followed by testing and launch.

We are not lagging in verifications - if you have already got a call from us during verification, it would be done by now. If not you will have to wait. We are making sure the verifications complete with in 24 hours during weekdays since proper doc submission if the customer is able to pick up the call and provide verbal verification. BTW if your account is still not verified please provide your USER ID and i will look into it.

Regarding taxes get more info here https://www.unocoin.com/post/92

Regards

I heard of a law that to hold customer's money in company account for more than a certain period one needs a banking or NBFC license and need to pay interest... Do u mean that ?

dashingriddler

legendary

Activity: 1258

Merit: 1001

Quote from: ?? on ??

Quote from: dashingriddler on July 18, 2014, 01:39:31 AM

Quote from: bitcoinkerala on July 18, 2014, 01:27:28 AM

thank you for detailed response.
PM

Hi
Thank you for user id over PM. I can see you have registered yesterday afternoon and have submitted your docs.
Pre-verification procedures are over yesterday. You can expect the call in next few hours

спасибо

If it was a thank you, then my reply would be - you are welcome

dashingriddler

legendary

Activity: 1258

Merit: 1001

Quote from: bitcoinkerala on July 18, 2014, 01:27:28 AM

thank you for detailed response.
PM

Hi
Thank you for user id over PM. I can see you have registered yesterday afternoon and have submitted your docs.
Pre-verification procedures are over yesterday. You can expect the call in next few hours

bitcoinkerala

member

Activity: 84

Merit: 10

https://btcjam.com/users/39914

thank you for detailed response.
PM

dashingriddler

legendary

Activity: 1258

Merit: 1001

Quote from: bitcoinkerala on July 17, 2014, 11:20:52 PM

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Hello,
Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin.
What we are instead working on is an easy monthly saving scheme - where you setup for how much you are willing to buy per month on your preferred date. We send you a gentle reminder to do the payment and purchase the bitcoins on that date.

Android app is mostly done - will be followed by testing and launch.

We are not lagging in verifications - if you have already got a call from us during verification, it would be done by now. If not you will have to wait. We are making sure the verifications complete with in 24 hours during weekdays since proper doc submission if the customer is able to pick up the call and provide verbal verification. BTW if your account is still not verified please provide your USER ID and i will look into it.

Regarding taxes get more info here https://www.unocoin.com/post/92

Regards

bitcoinkerala

member

Activity: 84

Merit: 10

https://btcjam.com/users/39914

Can you please add in a feature so that I can buy Bitcoin for pre-determined amount every week

lets say I send 50,000 INR to my unocoin account .. It would be great if unocoin can buy 5000INR worth of Bitcoin every Monday on my behalf

Also looking forward to an Android app .

By the way still waiting for verification to complete

Thanks
BK

Also : Please clarify what TAX are you collecting for Bitcoin Purchase ?

Topic: [Feature Request] unocoin.com if you see this . please respond (Read 1680 times)