Another big Shock to Indian Paypal users, Now PayPal Indian users need PAN to even withdraw funds to their bank accounts.
Earlier Indian users was not able to send money without a CC but now they even can't withdraw without a PAN card.
^^ i can't find this news here to just thought to share....
Is there actually a reason for the government to this kinda of stuff?
I mean, I'd understand if they blocked payments to foreign countries, but people can make some money too, it'd be good for the country I guess.
Makes no sense to me.
Well actually Indian Citizens have alot (and I mean alot) illegal money deposited in foreign banks (especially in Swiss banks). They do not pay tax on that money. So its considered illegal.Is there actually a reason for the government to this kinda of stuff?
I mean, I'd understand if they blocked payments to foreign countries, but people can make some money too, it'd be good for the country I guess.
Makes no sense to me.
Yes there is a Genuine reason.
Paypal sends your Pan with the money to your bank account and with the Pan, the Government is able to actually track how much amount you receive and charge tax for the same.
Btw whats a PAN card?
Btw whats a PAN card?