Latest Announcemnent
New thread

Now PayPal Indian users need PAN to withdraw funds

Status
Not open for further replies.
WaReZ

WaReZ

Banned
Banned
693
2008
35
0
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.
 
22 comments
WaReZ said:
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.
Click to expand...

Old News mate :)
 
about 3 months old and its not bad! Its for your own good. If you are earning the money legally (example freelancing ) then its good.
 
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.
 
Solutho said:
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.
Click to expand...

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.
 
Solutho said:
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.
Click to expand...
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.

If all the money deposited by the Indians in foreign banks come back to the Government, then the nation can run Tax free for 10 years, free electricity for 10 major cities for 1 year, etc. shit. So you can imagine how much money is laundering in foreign banks by Indians.

So just to make everything organized and more secure, these rules have been imposed on Paypal by RBI. Now, ultimately every Indian has to withdraw the money so they'll have to pay tax on it. Also for purchasing they'll have to use Credit Cards, so tax can be considered on that too.

This is all because of those losers who have hidden & shown fake income to avoid higher tax payment.
 
.:KnowinGlenn:. said:
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.
Click to expand...

Ok, now I know what is it about, in Poland people use Webmoney to handles money, online casinos etc. I can use PP and transfer money to bank witch no tax. >_>
 
Status
Not open for further replies.
Back
Top