RBI restrictions to Paypal India valid?

After RBI guidelines to Paypal, Indian online marketers have a tough time in sending and receiving payments form there client. A large portion of the industry was dependent on  Paypal for its online payments and buying and selling. But with the new regulations from RBI the scope is limited to just receive payments.

 

From government point of view a lot of taxable income is not accountable under taxation since it is transacted to and fro from Paypal accounts without any balance sheets been provided of total sales volumes and money earned over a financial year. But the question of the hour is: Is Paypal the only payment processor in the market? No, there are quite a lot player in the market like 2checkout, moneybookers, Liberty Reserve, Alertpay which also provides the similar kind of service. The only difference is that more payment are been sent to india via Paypal and thus it came to the government scanner.

 

However, internet traders who are outsourcing there work to foreign countries via internet is having tough time dealing with there developers on money paying issue. Since most of them are only comfortable with Paypal.

 

So should the internet trades in India start looking other popular mediums.

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  1. Sherril Januszewski
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