Now PayPal Indian users need PAN to withdraw funds

[nEw_boY]

^because of Reserve Bank of India [main bank, Nation one]

[Piracy King]

old news..

anyway i have my pan card so doesn't bother me..


@Drinkordie - because of so much corruption happening in india.

[Solutho]

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.

[Glenn]

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.

[BlaZe]

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.

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.

[Solutho]

Now that makes sense and I think it's a good measure.

Thanks both for the enlightment

[Drinkordie]

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.

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.

[Gh0st]

Btw whats a PAN card?

[Drinkordie]

Btw whats a PAN card?

Yeah, I also dosent know what is this ...

[Glenn]

Btw whats a PAN card?

PAN is something similar to a SSN in USA.