Unformatted text preview: services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India," (New York Times) Mostly, the governments concern is about the intermediaries like PayPal customers, and why they choose to use this service. They fear that freelancers who do not pay income taxes for income earned abroad are using this system to evade government issued taxes. There is also talk of financiers of terrorists in India using the system to transfer money to these groups. “ The company could not give figures for the size of its business in India, which is believed to be relatively small. However, PayPal spokesman Anuj Nayar told the BBC that India was a "fast-growing market".” (BBC News) http://www.nytimes.com/external/idg/2010/02/11/11idg-india-says-paypal-not-authorized-for-money-transfer-56897.html http://news.bbc.co.uk/2/hi/south_asia/8511553.stm...
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This note was uploaded on 11/08/2010 for the course ACCT 400 taught by Professor M during the Spring '10 term at William & Mary.
- Spring '10