Paypal Help Please!

[aritrim]

Hello Friends,
I have to open a Paypal account and I have a few questions regarding it. I am from India so I am a bit puzzled about using Paypal.

1. Can I use my International Debit Card to open and verify my account? I do not have a Credit card.

2. When I withdraw funds by check is there any upper limit and is it RBI approved? I will be opening a Premier account and not a Business account.

Please enlighten me.

[benevolent001]

Hi
Welcome to WebmasterWorld

1. Can I use my International Debit Card to open and verify my account? I do not have a Credit card.

NO

2. When I withdraw funds by check is there any upper limit and is it RBI approved? I will be opening a Premier account and not a Business account.

Upper limit is there set by paypal as $2,500.00
And RBI has no problem as checks are issued in Rupees and beaware to file your taxes according to your earnings legally if you dont have PAN get it now if you expecting to earn lot of money

Please enlighten me

I hope this would act as search light for you,enlightening you fully :)

Good luck with your website

[aritrim]

Thanks for the information.

I do have a PAN and I have also applied for an IEC (Import-Export number) which is mandatory as RBI FOREX rules for any kind of software services and exports outside India.

The only problem I am facing is geting a credit card right away :-)

[benevolent001]

Thats not biggie these days

Just say Credit card and tens of bank officials will come to your home asking you to use there C Card thats very easy i guess these days...i was too having problem as i am student and wasnt issued any CC so my father applied and i got the add on card :) am not using it to full

but use some one which gives you online tracking facility like icici or hdfc

and what about IEC number for which services you need to apply for that

[aritrim]

Yes I am prefering HDFC and ICICI and all they ask is whether I am salaried. I say NO. I am not salaried but self employed. Then they ask do you return your taxes? I say YES I have been doing that for the last 4 years. The last question is do you have an existing Credit Card? I say NO again. So its
NO - YES - NO ... which I think violates the eligibility criteria. May be they are looking for all YES or 2 YES and 1 NO.

Regarding the RBI clauses please check this link which cleared most of my doubts.
[indiaitlaw.com...]

Also if you have an IEC number you will be exempted from some tax on export of software.
[indiaitlaw.com...]

I am new to this forum are hyperlinks allowed to post. If not please let me know.

[Manish Singh]

Hi,

Yes you will need a credit card to verify your paypal account.

If you cannot get a credit card yourself, you may ask one of your eligible family members to get one.

If you are into software exports of any kind, you will need an IEC number.

Make sure to file your returns and pay your taxes on time ;-)

[Manish Singh]

Also, to the best of my knowledge, all tax exemptions on foreign income (income through exports) has been withdrawn.

All income generated by an Indian citizen in any part of the world is taxable like any income generated in any part of India :-)

[benevolent001]

does affiliates program earnings account for taxes if those earnings are less than Rs1.5 lakhs.

[aritrim]

I think Yes. You need to have a PAN card and pay your taxes (at least file your Income Tax Return) to be on the safer side.

Manish: Thanks for your comments. I will have a talk with my chattered accountant on the exemption of Tax on Software Export and will try to post here the exact information :-)