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