PayPal India Conforms to Government Regulations
Paypal India account holders can now withdraw money to Indian banks. When you try to withdraw money to a bank account, it ask to declare a purpose for the proceeds received through PayPal. This is a great move as the online income earners need to comply to government rules and regulations while making money.
The purpose of withdrawal of money needs to be declared only when you withdraw funds. The following are the available options now and they have a description of the same.
In addition, each PayPal India account holder needs to provide the following information to keep your PayPal account active:
1. Your Mobile phone number
2. Your PAN Number
At the moment you can skip this screen but they can made it mandatory at any time. The mobile number will be used for clarification by banks as how the money was earned and the Income Tax PAN (Personal Account Number) id will be used to track your income records and financial transactions.
If you don’t have a PAN card you can apply for a PAN card online and it costs Rs 94 at present. You need an ID proof and address proof to get a PAN card.
Dear Shanavas , My main earning is from forex trading , what i should select in the window “Declare a purpose for the proceeds received through paypal”
Hi Shanavas, if I earn money by forex trading from etoro, what kind of purpose or code should I use to withdraw money. Is there any problem to earn from forex and withdraw it to India. Kindly clarify the safe way to process.
Dear Lubna, You can use business and PR as the purpose.
Dear Vikram, There is no problem to earn from forex and withdraw it to India.