Payment Gateway and RBI

#1
Hello..

May I request only professional answer for following question..

.. and not ideas about what you think it would be..
THANK YOU.

so preferably

Any lawyer who understands electronic acts for India..I think its Electronic Act 6.0, not sure.
Any CA of modern age who understands what 'payment gateways' are
Eg. Paypal , Net teller

CONDITION:-

Say I use international forex broker who accepts margin through PAYPAL. Now, I upload money through paypal and make consistent profits and withdraw them to my attached bank account.

QUESTIONs:-

1) NOW, to withdraw money to my bank account from paypal, on paypal site, I have to give a reason .. say I give a reason "payment received from international client for intellectual services offered" ... DOES IT WORK?

2) CAN RBI FORCE PAYPAL TO SHOW FROM WHERE THE MONEY WAS RECEIVED IN MY PAYPAL ACCOUNT ? DOES PAYPAL COME UNDER JURISDICTION OF RBI .. IF YES TO WHAT EXTENT? ..

..

I kindly request only people who know EXACT legal answers to reply .. On some previous post, it got filled by people 'thinking' what would the law be etc etc and of course loads of conflicting replies .. so please.. if you dont know, if you are not a professional of law or accounting or relevant field.. dont reply. thanks.
 
#2
Best reply ever..
Thanks so much.

Tried calling you, will try again in some time =) .. i am interested in learning SO MUCH from you ^^ ..
 
Last edited:

looser89

Active Member
#3
1. It works ....
2. RBI can ask Paypal about the source .... but it can not prove that it came because of fx trading profits .... Remember that ...Everybody is Innocent till proven otherwise ...
3. I'm not answering from Vague reasons ... I'm trading fx since 8 years and my CA used to work for a USA FX broker ... He knows the loop holes of both Indian and US regulations ....
4. If you read older posts at TJ this discussion about Legality .... RBI ... is happening since 6 years ... I'm funding .... Trading ... Withdrawing in these 5 years ....
5. A trader should worry about Analysis more ....
My two cents ...
In between I left my contact details on your e mail id.
Feel free to call me if you need more clarity / Clarification/s ....
:thumb::thumb::thumb:
I give some rule in forex section in this forum for trade forex .if you follow them you never face any problem
 

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