PayPal India new Requirements

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Posted on : 25-03-2010 | By : rituraj | In : General, Reviews

1

After a long silence and meetings with the Reserve Bank of India, Paypal has started bank transfers in Indian banks but with effect they need some more information like contact number and PAN Card number.

So what does it mean?

Now RBI and Income Tax department will have easy access about the details about your transactions. If you are paying taxes honestly and retain invoices for all of your transactions, its fine for you but if you don’t it may create a problem. Who knows, they have a pact with RBI to provide information of each and very transaction.

So either do business with paypal in accordance with the IT department rules or stop using Paypal altogether.

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