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I was looking at Paypal wikipedia entry and came across this https://rbi.org.in/scripts/NotificationUser.aspx?Id=5216&Mode=0
Am I reading/understanding this wrong ?
This facility shall be enabled only to facilitate purchase of goods and services. Person-to-person transfer of value shall not be permitted.
Does the above mean I will not be able to send money to myself or my mother.
I want to send money to myself money I get as reimbursement for travel sponsorship in South Africa. I live in India.
Does the above mean I will not be able to send money to myself or my mother
Yes that is right. PayPal will only be used for small trades. The credits into PayPal cannot be used to purchase anything, and will have to be credited back to the linked Bank Account. This is to ensure right reporting and taxes are being paid.
You could use alternative Bank channels for getting funds.
