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The wording here is disingenuous. The RBI (which deals with taxes and money regulation in India) requires transactions above $500 to be reported. Also, any en
by statictype 16y ago
The wording here is disingenuous.
The RBI (which deals with taxes and money regulation in India) requires transactions above $500 to be reported.
Also, any entity which keeps money and does transfers on demand over a certain period of time is deemed a bank and is subject to bank regulations.
Paypal is not interested in being treated like a bank in India - that would mean paying interest on money they keep, among other things. So they decided to put in these new rules and blame it on the government.