For Info Pay Pal rules change

[hemantwaghe]

Hi all received this mail from Pay Pal.

Pretty self explanatory , this is for Information.

1)WHAT IS PURPOSE CODE?

2) BTW minor pay pal transactions ( not more that 250 -300 US$) will affect attention of tax authorities ? Which departments? Under which law? Are any legal / import /tax experts here?

3) Anyone did bank account transfer to foreign bank account ? What is the process? Can


----------------------------------------------------------------------
Your PayPal account has been limited from receiving payments
----------------------------------------------------------------------


Dear Xxxxx Xxxxx,

Your PayPal account has been limited from receiving payments.

In accordance with Indian regulations, you are required to add a PAN,
purpose code and bank account in India to your PayPal account in order to
receive payments and withdraw funds.

Here's what you need to do to lift this limitation:

1. Log in to your PayPal account and click Resolution Centre at the top of
the page.
2. Look out for a table in Resolution Centre which will show all the
required items that you need to add.
3. Add the listed items.

Please note, you can still send payments and make purchases online using
your card linked to your PayPal account.

Yours sincerely,
PayPal

----------------------------------------------------------------------
Help Centre:
https://www.paypal.com/in/cgi-bin/helpweb?cmd=_help
Security Centre:

 

[Deleted member 17547]

I too got the same mail today...

 

[sukhjit_bhullar]

I too received this mail and i think for buying there is no limit

 

[shailenderb]

This is needed only if you want to receive funds. For normal online purchases you don't have to do anything new.

Regds

 

[spirovious]

Same here,I may not need it to receive,but to pay.

 

[gadgetcrazy]

Same here. Got this mail a couple of days ago.

 

[Dushie]

if you are only buying stuff then nothing to worry about. If you are selling stuff and receiving money then you would need to follow the procedure and update the required details on the site.

 

[sud98]

I am not sure if this is only for receiving money to paypal. I had got this a few months back, kept ignoring it, till I got a message that it is disabled. I updated the purpose code to travel related and its fine after that.

I think the purpose is more related to RBI guidelines which specify that foreign transactions have to be monitored and controlled.

 

[esanthosh]

Purpose code is required only when receiving money via Paypal. You can set a default Purpose code, but you can also choose something different for any particular transaction.

 

[quad]

RBI has also stopped allowing balance to kept in Paypal for Indian
account holders. This is really silly. Like I posted earlier,
this imposes a burden on those of who do petty transactions,
while the big fish nonchalantly go about laundering millions.

http://www.hifivision.com/general-lounge/15968-paypal-new-rules.html