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Paypal India Poblem

Suresh (ceo) (48 Points)

10 September 2009

For software export payment received in paypal usa called in indian bank account directly by paypal india. Bank is refusing for BRC. Money received through NEFT transfer. The bank is right? How to convince? Please help. Thanks

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3 Replies

laxman suthar (Asst. Manager Taxtation ) (329 Points)
Replied 10 September 2009

Sir

Explain the word paypal

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PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 10 September 2009

Yes Dear,

The same problem i m facing, our company also receives payments thru paypal and bank has refused to give FIRC / BRC.

if some expert can advice should we not treat payment received thru paypal, earning in foreign exchange or we have to tackle this problem in some other way.

I request all expert on this panel to give their view.

{(Dear Laxman PayPal means
n. Web-based service founded in 1998 that makes it possible for any person or business that have an e-mail address to send and receive payments online safely (it is based on the financial infrastructure of bank accounts and credit cards that exist today) }

Suresh (ceo) (48 Points)
Replied 10 September 2009

actually bank should be able to trace the source of funds and accept paypal statements. these are genuine transactions. paypal says funds originated are outside india.