Legal compliance
Thread poster: Raghunathan

Raghunathan  Identity Verified
Local time: 15:36
German to English
Aug 12, 2006

Hi all,

I need your advise concerning the receipt of payment for translation services. Just to cut short the delay in getting the remittance, recently I have asked a couple of customers in Germany to have the amount transferred to my son’s account in Germany (he is a Ph.D student in Max Planck, Goettingen), and he in turn transfers to my ICICI bank account which is very economical and fast. Since the transactions were not many and the amount involved in each case was less than Euro 150, it suited them and me as well.

Now I find my involvement in European market is increasing as compared to the domestic market, and hence would like to know whether it is at all correct to repeat the above process.

I declare the amounts I receive for my translation services in my tax return and pay tax in India. I just want to make sure that my son is also on the right side of law in Germany.

Thanks in advance for your input.

(R. Raghunathan)


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xxxBrandis
Local time: 12:06
English to German
+ ...
As long as he has business account Aug 12, 2006

Hi! it should not impose any further problems, but if he is there pursuing academic purpose and on work permit that does not foresee economic and work freedom, his accounts will be monitored. There is however a lower income ceiling, which is left out the balance will be called by the authorities for tax declaration. This is as far as I know through many ausländische studierende. best Brandis

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Patricia Lane  Identity Verified
France
Local time: 12:06
French to English
+ ...
Don't know about India Aug 13, 2006

But in France, the tax authorities look poorly upon such things. They are even rather stringent about freelancers maintaining a clear differentiation between their professional bank accounts and personal bank accounts.

Your situation is two-fold as it implies both your and your son's accounts.... and in business, that is a bit messy even if each of you is declaring your respective incomes appropriately.

In your shoes, I'd sort that out to avoid all possible unintended consequences.

Kind regards,

Patricia


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Raghunathan  Identity Verified
Local time: 15:36
German to English
TOPIC STARTER
It is not correct Aug 13, 2006

Hi Brandis / patricia,

Thanks for your input. He does not have any business account. He is just pursuing his Ph.D on a Govt. stipend and not supposed to be working anywhere.

Now I understand, it is not the right thing to do. In my case, I think it is better to accept funds either through a bankers cheque or PayPal.

Thanks once again,

Raghu


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Anjo Sterringa  Identity Verified
Spain
Local time: 12:06
Member (2003)
English to Dutch
+ ...
I do not see it's illegal Aug 13, 2006

As long as it is clear that is is your money - supported by the invoices, payment references, etc. and the money gets transferred to India, I would think it is all quite clear and above board.

If your main business turns out to be in Europe, you may have to think of another solution, but I can imagine you want to be sure you receive your payment ASAP!
In the meantime you could check out if it is possible to work with a bank that is also established in Europe and if that could speed up payments.

I am sure this type of arrangements happen all the time, especially between parents and their children.

I must say my experience is based on the Dutch situation, but as they are neighbouring countries I suppose the situation is more or less the same.

Happy translating.


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Raghunathan  Identity Verified
Local time: 15:36
German to English
TOPIC STARTER
It is not illegal Aug 16, 2006

Anjo Sterringa wrote:

As long as it is clear that is is your money - supported by the invoices, payment references, etc. and the money gets transferred to India, I would think it is all quite clear and above board.

If your main business turns out to be in Europe, you may have to think of another solution, but I can imagine you want to be sure you receive your payment ASAP!
In the meantime you could check out if it is possible to work with a bank that is also established in Europe and if that could speed up payments.

Happy translating.


Thanks for the input Anjo.

Yes - just to expedite receipt of the payment in my account I preferred this option.

I checked up with Deutsche Bank in Delhi. They mentioned there is no violation here so long as the reasons can be explained.

I also found out another option. My bankers ICICI bank has correspondent bank in Frankfurt (JP Morgen) through whom money can be transferred.

Best regards,

Raghu


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xxxBrandis
Local time: 12:06
English to German
+ ...
I was wondering what the wallet systems at the proz.com for Sep 5, 2006

Hi! Raghunathan,

If you have a paypal account, I think you can transfer to proz.com wallet and they can transfer to your local account. That should be fairly possible. Best Brandis


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Raghunathan  Identity Verified
Local time: 15:36
German to English
TOPIC STARTER
Proz.com wallet Sep 10, 2006

Dear Brandis,

Whether it is Proz.com wallet or balance in Proz.com, I think it makes no difference. They will only arrange to send a bankers cheque / draft after a week and this needs to be deposited in my local account. It takes about a month to realise.

This is precisely the reason I want to overcome this process of delay and expedite remittance into my account.

In fact I have one solution now. It can be deposited in Deutsche bank with some instructions to transfer to their correspondent bank for remittance in a particular account in New Delhi (i.e. ICICI in my case).

Anyway thanks for your taking time / input.

Best regards,

Raghunathan


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xxxBrandis
Local time: 12:06
English to German
+ ...
How about retail banking with DB-Chennai Sep 10, 2006

Hello Raghavan,

The retail banking branches of D.Bandi do offer direct services in various cities even in Chennai. That should go. From what I understand ICICI has various corresponding banks for different countries, which means everytime you will have a corresponding bank eating away your money. DB is a national bank and enjoys a world´s status.I mean ICICI or HDFC do not operate on SWIFT codes, they use routing codes, cross border banking operations go through JP Morgan FRA and they cost money. Did you try Standard Chartered Bank, it is an international bank. Best Brandis

[Edited at 2006-09-10 05:35]


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