Is the use of paypal by an Indian Company legal, for collecting money in Foreign Currencies... keeping in view they transfer the money to your Bank account in Rupees and therefore do not issue any Inward Remittance Certificate ?
Amit Kumar (Advocate) 31 May 2009
Is the use of paypal by an Indian Company legal, for collecting money in Foreign Currencies... keeping in view they transfer the money to your Bank account in Rupees and therefore do not issue any Inward Remittance Certificate ?
Shree. ( Advocate.) 31 May 2009
Hi there..
I got this link.. guess it may help u
https://www.paypal.com/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside
but still this is wat i got in that site..
Users in any country may withdraw funds to a U.S. bank account.
Users in these countries cannot withdraw funds to their local bank accounts
where this include INDIA ( 8)
Pay pal transactions are governed and regulated by The Cyber finacial transactions. The legal sancity of the transactions will be based on the nature of the intial transaction. ( like p*rnography is banned in countries like India, Singapore.)
Not a lot of banks have tied up with PAYpal.
However, you might recieve funds through your existing bank account and the bank will just act as a reciever of funds. The Pay pal is also a member of the PCI ( called as Payment Card Industry in India)
Hope this clarifies.
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