Good news for online business onwers and bloggers as Paypal resume their business in India
It was a disaster for online business owners and professional bloggers since RBI directions and policy forced paypal to suspend their operation (Withdrawal of funds) in India.
According to RBI, with the present system, it wasn’t possible for them to monitor cross border transactions for both security and tax issues hence RBI issued few guide lines to add some extra information along with the incoming money so that Indian Banks could act accordingly to add TAX information and security agencies could also monitor.
Since 3rd march 2010, Paypal has implemented the given instruction of RBI and started the withdrawal process once again.
You may review the following categories given by RBI. And do note that according to Indian law, based on the value of withdrawal and the purpose code in your declaration, your bank may require you to provide documentary proofs such as invoices / goods receipt forms as applicable to reconcile with your withdrawal.
So here we go, as per Indian LAW, blogging is now a profession in India.
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