Read this: http://www.moneylife.in/article/8/3591.html why the heck should i suffer when i pay taxes and make everything clean and clear on paper issue is with RBI for sure............
refer to my 2 posts here and t payapl wants to work in india but indian laws regarding coming an going of foreign currency make it out right impossible to do , and since paypal just allowed Indian a/c holders to verified by their bank a/c's puts it in strange position with RBI which has no control over it and if Indian govt wants to monitor every transaction with details payapl is no position to do so. just hope they can sort the issue out , cause RBI will not open any dialogue with them cause as per Indian law paypal can be held on many counts of FEMA itself and am sure they don't want that too
boss ok fine this is a loophole but before this they should have given a thought on freezing swiss bank accounts which are home to illegal activities...everything would have been much easier had they just asked for PAN no at paypal before making withdrawals....and those who want to aviod taxes & other charges are much smarter they are not gonna put money straight from paypal to there bank accounts...
dude look at this you are Indian and have some relatives outside the country , you get money into your pp a/c and am not talking about just some measly amts, but major amts over the time , you send that money to your relatives outside India who sends you his atm card via fed ex you walk into any atm and withdraw cash , you have just broken a dozen laws from both countries and their is no record of it anywhere expect with paypal. obviously Indian govt wants accountability from paypal which they cannot give cause they are not legit banking outlet. am to hoping it works out cause i have lot of clients myself from that region but there is some serious issue which nobody wants to make public yet.
boss right but paypal is not only which does like this...why would i send money to my relative incase i have any one close from family there i may simply ask for his card and withdraw from there..what can be done in this case?
I like PayPal for being a good and simple alternative to other expensive payment processors online, But they need to change the way they serve their users, specially in India.