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Tuesday, September 11, 2007

Sending payment to your Foreign Seller through PayPal may be legally valid

Yesterday i went to Bank and ask them,how the remittance happened through PayPal.The Manager was not aware except the fact that the cheque related to PayPal bear Citibank name.Promised to find more detail about how the payment are received in India.

If you see RBI website, The Citibank N.A is authorised dealer in India for foreign remittance.If this is the case,then the PayPal must be having account with the Citibank for settling cheques issued in Indian rupees. The banking operation related for payment made through PayPal should be carried out by the Citibank . Further you are paying through Cheque and Cards issued by your Bank,which means you are using clean money for buying and selling goods over internet.More over we are heading towards full convertability of rupees for all accounts.In such situation ,it appears that paying for your purchase through PayPal should not be illegal. We need some more inputs from valuable readers before making any judgement.
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