the company behind the BTCXIndia got IEC( import export code)

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

Quote from: adv.kanishk on July 25, 2014, 03:47:05 PM

Thee are certain business issues we looked into and gave opinion to our client. Since they were our first client we entered into an exclusive retainership arrangement with them wherein we shall not provide our opinion on those certain points especially at forums and public meetings. These types of arrangements are called exclusive arrangements to give an sense of loyalty and trust to the client by law firms, so that they realize that the cost for opinions are not wasted and it is something I on my own behest agreed upon. However, the exclusivity will not be applicable in certain cases and advising on forum is not one of the cases. Hope it answers your doubt

Thanks for explaining that.
Because this was just getting really confusing.

I guess we know which lawyer to go for when we want legal advice as you have kept your part of the bargain.

Good job !!

Duke

polynesia

legendary

Activity: 1358

Merit: 1000

Ouch. This thread made me realize my ignorance with respect to operating businesses.
I had no idea about the regulations involved and IEC code.

adv.kanishk

member

Activity: 117

Merit: 10

and also it is not the NDA it is the retainership arrangement between my firm and our client. NDA's do not cover aspects like that. By saying I cannot disclose I was reffering to retainership aggreement and not NDA.

adv.kanishk

member

Activity: 117

Merit: 10

Thee are certain business issues we looked into and gave opinion to our client. Since they were our first client we entered into an exclusive retainership arrangement with them wherein we shall not provide our opinion on those certain points especially at forums and public meetings. These types of arrangements are called exclusive arrangements to give an sense of loyalty and trust to the client by law firms, so that they realize that the cost for opinions are not wasted and it is something I on my own behest agreed upon. However, the exclusivity will not be applicable in certain cases and advising on forum is not one of the cases. Hope it answers your doubt

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: adv.kanishk on July 25, 2014, 11:00:14 AM

Our arrangement is like that. Can't explain but I have tried to give my inputs on many aspects many a times. If I am unable to then I think community should understand and respect that. If you were my client you would expect me to live upto my professional ethics wouldn't you.

Professional ethics is always honored and there is no Q about that. By my point was how the NDA is covering u that u cant speak about other business's legality !!!

adv.kanishk

member

Activity: 117

Merit: 10

Our arrangement is like that. Can't explain but I have tried to give my inputs on many aspects many a times. If I am unable to then I think community should understand and respect that. If you were my client you would expect me to live upto my professional ethics wouldn't you.

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: adv.kanishk on July 25, 2014, 10:44:53 AM

Quote from: BitCoinDream on July 23, 2014, 03:27:03 PM

Quote from: adv.kanishk on July 23, 2014, 03:16:21 PM

I would really like to explain the whole thread as I have looked into the same from the indian bitcoin exchange operated by our client htttps://millibits.in

But sorry guys I am bound by confidentiality agreement on certain aspect. But glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another.

How about creating an alt account and explain ?

Its not about alt account. I am bound and that is professional ethics, can't breach that. N guys it concerns both professional ethic and financial aspect.

If u discuss BCXindia's IEC in the Bitcoin scenario to help the Bitcoin community, how come another exchange stop u from doing this through NDA ? U r not disclosing anything to the Bitcoin community about your client ...is not it ?

adv.kanishk

member

Activity: 117

Merit: 10

How about creating an alt account and explain ?
[/quote]

Its not about alt account. I am bound and that is professional ethics, can't breach that. N guys it concerns both professional ethic and financial aspect.

btcxindia

full member

Activity: 126

Merit: 100

bitcoin exchange in India

Thank you for your valuable comments/inputs. I will come back on or before August 13th with valuble document/information on this.Mean while you may read this http://dgft.gov.in/exim/2000/MOU-090114.htm

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

Quote from: adv.kanishk on July 23, 2014, 03:16:21 PM

I would really like to explain the whole thread as I have looked into the same from the indian bitcoin exchange operated by our client htttps://millibits.in

But sorry guys I am bound by confidentiality agreement on certain aspect. But glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another.

Exactly. LOL

I dont get the point of posting it if you cant tell us. I guess more than confidentiality issue it is the Financial issue which bothers your buddy.
Anyways its like showing the bear honey but not letting him eat it.

Give us some hints so we know that people are not moving towards a dead end.

Remember Btc is like a game of Dominos. If one exchange goes down, many others will follow its path.

Duke

BTCIndia

hero member

Activity: 686

Merit: 500

vini, vedi, no vici.

Quote from: adv.kanishk on July 23, 2014, 03:16:21 PM

I would really like to explain the whole thread as I have looked into the same from the indian bitcoin exchange operated by our client htttps://millibits.in

But sorry guys I am bound by confidentiality agreement on certain aspect. But glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another.

"glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another." Grin

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: adv.kanishk on July 23, 2014, 03:16:21 PM

I would really like to explain the whole thread as I have looked into the same from the indian bitcoin exchange operated by our client htttps://millibits.in

But sorry guys I am bound by confidentiality agreement on certain aspect. But glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another.

How about creating an alt account and explain ?

adv.kanishk

member

Activity: 117

Merit: 10

I would really like to explain the whole thread as I have looked into the same from the indian bitcoin exchange operated by our client htttps://millibits.in

But sorry guys I am bound by confidentiality agreement on certain aspect. But glad to see the good knowledge base of many people, however all the replyies or comment lacked knowledge in some aspect or another.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: Smack That Ace on July 22, 2014, 11:26:41 PM

Quote from: buysellbitcoin on July 22, 2014, 11:15:13 PM

Quote from: Smack That Ace on July 22, 2014, 10:34:49 PM

Quote from: buysellbitcoin on July 15, 2014, 01:24:34 PM

Few pointers :

1) If you send/receive any thing inside outside of India you need IEC.
2) If you want EEFC bank account where you can hold foreign currency you need IEC.

Regards

Wow
Are you running an exchange or a fruit shop ?
I am surprised at your knowledge about what the import export code actually means.
I think you just dont know. Not that you are trying to state wrong information here.

Duke

No offence, but I never said that you need IEC for Bitcoin compliance. All IEC can do is to help you with getting EEFC accounts. Its all up to your business model whether you want IEC or not.

Anyways without any arguments I will accept that my knowledge in this domain is not competent to give legal advise on the same.

Regards

Well said and i would like to inform that this was not a direct attack towards you or any of the exchanges working in India.
its just that many people come up with rules that are non existent and i have been following the Inidan thread for many weeks trying to figure out that India being such a big IT hub of the world should have picked up on bitcoin ages ago.
but i understand the hindrance business owners such as yourself are having due to the vague laws you have to deal with.
I wonder how Bitquick.in is operating and accepting INR for bitcoins and through so many bank transfers ?

Maybe you guys should adopt the same model as them.

Regards

Duke

I will attribute the low coverage and use of bitcoin in India, to the old 'licence raj' system that india followed before the 1990s, Even though this system has be scrapped, the mind set of the people still remains fearful of government retaliation to new and innovative businesses being established.

There is also a problem of a very small opensource development community, which is a driving force for bitcoin exposure.
Another problem is the lack of opensource licence knowledge and its uses, even the Creative commons is very new out here.
Many people here also look down upon thing the termed free, associating them with cheap and unfinished products.

But the atmosphere is changing and have been getting many people who now are trying to get this part more exposure.

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

Good to know; Indian people now have good exchanges to trade BTC.

I will try you out soon.

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

And then you say you dont have knowledge.
I think you know more than enough.

Very good job. Keep up the good work.

Your exchange will get a Plus 1 review from us in the future.

Regards

Duke

buysellbitcoin

legendary

Activity: 1105

Merit: 1001

https://www.zebpay.com

Quote from: Smack That Ace on July 22, 2014, 11:26:41 PM

Quote from: buysellbitcoin on July 22, 2014, 11:15:13 PM

Quote from: Smack That Ace on July 22, 2014, 10:34:49 PM

Quote from: buysellbitcoin on July 15, 2014, 01:24:34 PM

Few pointers :

1) If you send/receive any thing inside outside of India you need IEC.
2) If you want EEFC bank account where you can hold foreign currency you need IEC.

Regards

Wow
Are you running an exchange or a fruit shop ?
I am surprised at your knowledge about what the import export code actually means.
I think you just dont know. Not that you are trying to state wrong information here.

Duke

No offence, but I never said that you need IEC for Bitcoin compliance. All IEC can do is to help you with getting EEFC accounts. Its all up to your business model whether you want IEC or not.

Anyways without any arguments I will accept that my knowledge in this domain is not competent to give legal advise on the same.

Regards

Well said and i would like to inform that this was not a direct attack towards you or any of the exchanges working in India.
its just that many people come up with rules that are non existent and i have been following the Inidan thread for many weeks trying to figure out that India being such a big IT hub of the world should have picked up on bitcoin ages ago.
but i understand the hindrance business owners such as yourself are having due to the vague laws you have to deal with.
I wonder how Bitquick.in is operating and accepting INR for bitcoins and through so many bank transfers ?

Maybe you guys should adopt the same model as them.

Regards

Duke

Well, I understand what you are saying and no offence taken

The issue is when there is no law, almost every law covers you. Its all up to now how friendly help you get from bureaucracy, banking sector and VC. Remember always Financial business can not go with lean start up model where you are dealing with money. Confusion over legality is biggest issue.

AFAIK, bitquick.in is localbitcoins implementation ( Escrow based exchange ) and they are not operating from India. They do not need Indian compliance. In this model exchange just facilitates trades and never touch FIAT. You dont need even a bank account to operate this exchange. That particular model does have its place in the ecosystem, but we are not comfortable with that model at least in Indian market.

Regards

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

Quote from: buysellbitcoin on July 22, 2014, 11:15:13 PM

Quote from: Smack That Ace on July 22, 2014, 10:34:49 PM

Quote from: buysellbitcoin on July 15, 2014, 01:24:34 PM

Few pointers :

1) If you send/receive any thing inside outside of India you need IEC.
2) If you want EEFC bank account where you can hold foreign currency you need IEC.

Regards

Wow
Are you running an exchange or a fruit shop ?
I am surprised at your knowledge about what the import export code actually means.
I think you just dont know. Not that you are trying to state wrong information here.

Duke

No offence, but I never said that you need IEC for Bitcoin compliance. All IEC can do is to help you with getting EEFC accounts. Its all up to your business model whether you want IEC or not.

Anyways without any arguments I will accept that my knowledge in this domain is not competent to give legal advise on the same.

Regards

Well said and i would like to inform that this was not a direct attack towards you or any of the exchanges working in India.
its just that many people come up with rules that are non existent and i have been following the Inidan thread for many weeks trying to figure out that India being such a big IT hub of the world should have picked up on bitcoin ages ago.
but i understand the hindrance business owners such as yourself are having due to the vague laws you have to deal with.
I wonder how Bitquick.in is operating and accepting INR for bitcoins and through so many bank transfers ?

Maybe you guys should adopt the same model as them.

Regards

Duke

buysellbitcoin

legendary

Activity: 1105

Merit: 1001

https://www.zebpay.com

Quote from: Smack That Ace on July 22, 2014, 10:34:49 PM

Quote from: buysellbitcoin on July 15, 2014, 01:24:34 PM

Few pointers :

1) If you send/receive any thing inside outside of India you need IEC.
2) If you want EEFC bank account where you can hold foreign currency you need IEC.

Regards

Wow
Are you running an exchange or a fruit shop ?
I am surprised at your knowledge about what the import export code actually means.
I think you just dont know. Not that you are trying to state wrong information here.

Duke

No offence, but I never said that you need IEC for Bitcoin compliance. All IEC can do is to help you with getting EEFC accounts. Its all up to your business model whether you want IEC or not.

Anyways without any arguments I will accept that my knowledge in this domain is not competent to give legal advise on the same.

Regards

Smack That Ace

legendary

Activity: 1974

Merit: 1108

Free Free Palestine

Quote from: buysellbitcoin on July 15, 2014, 01:24:34 PM

Few pointers :

1) If you send/receive any thing inside outside of India you need IEC.
2) If you want EEFC bank account where you can hold foreign currency you need IEC.

Regards

Wow
Are you running an exchange or a fruit shop ?
I am surprised at your knowledge about what the import export code actually means.
I think you just dont know. Not that you are trying to state wrong information here.

Duke

Topic: the company behind the BTCXIndia got IEC( import export code) (Read 4002 times)