PayPal’s Important Information For Sellers In India
If you’re a Seller from India and accept monies into your PayPal account, well, PayPal has got some news.
PayPal has sent out the following email to users based in India:
In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:
• Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.
• While making the withdrawal please make sure you select the purpose code that best fits your business.
• Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.
• If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.
For any questions, please reach out to our customer support teams by following the steps below:
1. Log into your PayPal account
2. Click “Contact Us” at the bottom of the page
3. Click on “Send Us” an email or “Call Us” to reach us by phone
We cannot thank you enough for your continued attention and patience.
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There are 7 comments. Leave a comment!
¬ Jersey Mom
#6153 April 9th, 2010 at 7:02 pm
So by doing this, the business owner has to transfer his money to an Indian bank account & India can now track and tax one’s income?
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¬ Austin
#6164 April 11th, 2010 at 9:43 am
@JM – Yes, you’re absolutely right.
Austin´s last blog ..Weekend Linkfest [2010-04-03]
¬ Neha
#6192 April 16th, 2010 at 5:32 am
I am an Indian and have been using paypal to receive money from some paid to click sites and survey sites. I would like to know am i also a seller or are the referring sellers of ebay site?
¬ Austin
#6197 April 16th, 2010 at 9:30 pm
Neha, I don’t think you would be termed as a ‘Seller’.
From whatever information has come from PayPal so far — it appears that people who sell goods (e.g. ebay) or Freelancers (e.g. Elance) or anyone else taking up projects and are paid through PayPal would be termed as ‘Sellers’.
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¬ Lloyd Pinto
#6349 May 3rd, 2010 at 3:25 am
I think that Neha might still need to bring the money in. I guess where the RBI is coming from is the FEMA requirements – where Indians earning money in Forex are required to bring back the funds to India. Until now funds lying in accounts such as paypal were escaping these rules. However I guess it may be prudent to bring back funds to Indian bank accounts with the RBI’s specific focus on Paypal (even if that means..10% forex loss
..)
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¬ Austin
#6353 May 3rd, 2010 at 6:50 am
Oh, now that hurts!
Austin´s last blog ..Investing in Mutual Funds – Dividend or Growth Option?
¬ Webmaster support
#6405 May 8th, 2010 at 8:44 pm
I too uses paypal for my online transactions but did not find any difficulty using ti.
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