Ha ha! They would spare the people stashing money in Swiss banks and come to tight their grasp on people like us. See how much closely RBI wants to watch like you Wife how you are spending via PayPal:
As part of our ongoing effort to comply with the requirements set out in the notification of the Reserve Bank of India ("RBI Guidelines") that apply to all online payment gateways, all PayPal users in India will be required to add the following to their PayPal account in order to continue to receive export-related payments and withdraw money:
• A purpose code related to the majority of commercial activities for export-related payments
• A PAN or Permanent Account Number
• A bank account in India (if not previously added)
To add a purpose code, PAN and bank account:
1. Log into your PayPal account at www.paypal.com/in
2. You'll find prompts on the top of your "My Account" page asking you to "Add" your PAN, purpose code and bank account
3. Click on the "Add" links and follow the instructions.
Additionally, PayPal users in India are required to provide a current and accurate postal address on their PayPal account. To ensure that your address is up-to-date:
• Log in to your PayPal account at www.paypal.com/in
• Click on "Profile" and select "Add/Edit Street Address".
In case you have any queries, please log into your PayPal account and click on 'Contact Us' at the bottom of the page.
Yes Ujjwana
Even i got that mail..but didnt see the Add button.
Regards
Ujjwaana
AFAIK this is for "inward" remittances and should not affect purchases. Its part of the government's crackdown on money laundering and funding for "improper" activities.
Ha ha!! I wonder if somebody does a USD 1 Million payment with PayPal and come under US IRS radar itself!! Useless RBI babus doing eyewash job, while letting the biggest criminal run amok. No wonder we see it happening every day every where - A bike guy is stopped for a DUI test with breath analyzer, while a passing by Bus/Truck with no Tail lamp is not even stopped for the same when he is fat too dangerous than the biker. I call this 'Pre-paid system' !
The new regulations don't stop anyone from getting 1 or 1,000,000 , Dollars, Euros, whatever!
Though I added the purpose,I forgot to add my PAN number..not able to find the option to add it..
As far as i know PAN is important
Quote from: ujjwaana on May 09, 2011, 01:40:41 PM
Useless RBI babus doing eyewash job, while letting the biggest criminal run amok.
I completely agree.
I got the mail from paypal too. I had updated PAN quite some time ago, but I dont understand how this 'purpose' code will help diminish money laundering... :headscratch: