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Saturday, January 29, 2011

PayPal Ultimatum To Indian Users


PayPal is the most trusted payment option in internet and all user around the world do there mostly transaction from PayPal. It is like a Online Banking System where you can get money for your product if you sell something or can pay if you buy something. In India PayPal has gain a lot of popularity but from quite a long time it is making lot of changes for Indian users. As first it asked user for its PAN card and now it has given a new ultimatum to Indian user.Subscribe to Syconet World by Email.

Now from 1st March 2011 Indian PayPal user have to follow to new Rules from PayPal or we can say from RBI too as Indian Tax department is keeping an eye on PayPal users. Below are the two things you have to follow from march 1st 2011.

1. Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and

2. Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.

This may be the bad news for the Indian PayPal users but Indian government has to do this to keep the record of Income of Person. It is already in action in other countries.



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