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

Smack That Ace

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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

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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

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

I will try you out soon.

Smack That Ace

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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

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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

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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

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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

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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

Smack That Ace

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Quote from: BitCoinDream on July 15, 2014, 11:38:13 AM

Quote from: btcxindia on July 14, 2014, 10:21:18 AM

S Capital Solutions Pvt Ltd – the company behind the BTCXIndia got IEC( import export code) from http://dgft.gov.in/
IEC:0914007360;you may check through http://dgft.delhi.nic.in:8100/dgft/IecPrint with IEC code and first 3 letters: S CA (S space CA)

May I know the purpose of import export code in bitcoin scenario ?

Haha Very good question
Thats the first thing that came to my mind.

Not referring to the Original comment but if buysellbitco is taking such measures to deal with compliance i am actually shocked.

This is NOT the right way forward as you can in no way comply with import export regulations or somehow figure a way to trick the bank into believing so.
Good try though Import Bitcoin Export Money - Vice Versa -------- THATS GOT MONEY LAUNDERING WRITTEN ALL OVER IT.

Again not realted to the original post just seeing how people might be pushing you in the wrong direction to keep you off the right one.
Good job on the license.

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Quote from: btcxindia on July 16, 2014, 12:54:11 AM

Benson Samuel's and Buysellbitcoin views are correct.
We have NRI accounts; they are sending bitcoins from outside India and trading in our platform.Once trade has happend , we will transfer funds in their respective banks in India. For this we need an IEC code.
This is purely complaince measure till the new regulations come in to the system.

IEC is not good without receipt/invoice. How are you going to raise/ask invoice against deposition from NRI clients. Is it troll?

Opps! Sorry! I thought, you gonna deposit money in their overseas account.

btcxindia

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Benson Samuel's and Buysellbitcoin views are correct.
We have NRI accounts; they are sending bitcoins from outside India and trading in our platform.Once trade has happend , we will transfer funds in their respective banks in India. For this we need an IEC code.
This is purely complaince measure till the new regulations come in to the system.

buysellbitcoin

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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

Benson Samuel

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Quote from: BitCoinDream on July 15, 2014, 11:38:13 AM

Quote from: btcxindia on July 14, 2014, 10:21:18 AM

S Capital Solutions Pvt Ltd – the company behind the BTCXIndia got IEC( import export code) from http://dgft.gov.in/
IEC:0914007360;you may check through http://dgft.delhi.nic.in:8100/dgft/IecPrint with IEC code and first 3 letters: S CA (S space CA)

May I know the purpose of import export code in bitcoin scenario ?

I assume that this would be used when bringing in Bitcoins to India.
Or could be getting ready to accept customers from outside India as well.

Good move. NIce to see you guys doing well.

BitCoinDream

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Quote from: btcxindia on July 14, 2014, 10:21:18 AM

S Capital Solutions Pvt Ltd – the company behind the BTCXIndia got IEC( import export code) from http://dgft.gov.in/
IEC:0914007360;you may check through http://dgft.delhi.nic.in:8100/dgft/IecPrint with IEC code and first 3 letters: S CA (S space CA)

May I know the purpose of import export code in bitcoin scenario ?

buysellbitcoin

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Quote from: btcxindia on July 14, 2014, 10:21:18 AM

S Capital Solutions Pvt Ltd – the company behind the BTCXIndia got IEC( import export code) from http://dgft.gov.in/
IEC:0914007360;you may check through http://dgft.delhi.nic.in:8100/dgft/IecPrint with IEC code and first 3 letters: S CA (S space CA)

I can surely see you are going in a very right direction. This is exactly what we need in terms of efforts from our exchanges. New regulations may come later but getting compliance with existing one is the best thing you can do. Best of luck team.

Regards

btcxindia

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S Capital Solutions Pvt Ltd – the company behind the BTCXIndia got IEC( import export code) from http://dgft.gov.in/
IEC:0914007360;you may check through http://dgft.delhi.nic.in:8100/dgft/IecPrint with IEC code and first 3 letters: S CA (S space CA)

Topic: the company behind the BTCXIndia got IEC( import export code) (Read 4008 times)