I see few people selling Moneybooker's money to paypal ..i want to know if its legal or not ..also i don't pay any tax on my current earning as i do not earn much .what if i have a transaction of like 2000$ to my bank account from paypal and after charging some interest if i upload the funds to moneybooker's and give it to exchanger .do i have to pay tax ?
Both Paypal & Moneybookers do not allowed such activities. If they find out that you do it, your account will be suspended/terminated. How can those people exchange? Becuse neither pp nor mb know about it and of course they send the payment without writing memo such: exchange, blah blah... btw, I'm not indian
Better you stay out of it IMO otherwise you'll in trouble due to this (in terms of money as well as both accounts loss). DON.
Based on the TOS of both company,they prohibitted to use their currency to exchange it with other currency.
I think you people aren't getting my point .What i was planning to do is take PAYPAL MONEY ..withdraw it to my bank account...and then upload the funds to my MB deducting my fees .is this Okay ?
mate first of all its not legal until you are getting an I.E.C code. You have to have to from RBI. IF you are earning foreign currency then you must have to have the I.E.C code. It does not make any difference whether your income is taxable or not. As a reference You can check this thread : http://forums.digitalpoint.com/showthread.php?t=85595. Hope it will give you some ideas. Thanks Ash
yes its legal if you let the government know that you are earning foreign money in exchange of some particular service. Otherwise there is a law known as FEMA which might get you in problems. My point it its better to be pro-active then reactive. All the best wishes. Regards. Ash
Its legal to withdraw from PP and deposit to MB. However you should not trade/exchange your pp to mb via exchangers. its illegal and you may fall into issues like account termination.