How PayPal Works

The simple idea behind PayPal -- using encryption software to allow people to make financial transfers between computers -- has turned into one of the world's primary methods of online payment. Despite its occasionally troubled history, including fraud, lawsuits and zealous government regulators, PayPal now boasts more than 100 million accounts worldwide

In this article, we'll show you how to use PayPal, find out how the transactions are made, and learn something about the company's history. We'll also examine some of the complaints about PayPal's business practices. Let's start with the basics.

PayPal is an online payment service that allows individuals and businesses to transfer funds electronically. You can use it to pay for online auctions, purchase goods and services, or to make donations. You can even use it to send cash to someone.

A basic PayPal account is free. You can send funds to anyone with an e-mail address, whether or not they have a PayPal account. They'll get a message from PayPal about the funds, and then they just have to sign up for their own account.

Funds transferred via PayPal reside in a PayPal account until the holder of the funds retrieves them or spends them. If the user has entered and verified their bank account information, then the funds can be transferred directly into their account.

IT industry downplays Obama's outsourcing move

The
$47-billion Indian software export industry on Tuesday sought to put up
a brave face on President Barack Obama's proposal to disallow tax
deduction for company's outsourcing their business, saying the move
will hit the US companies with "marginal" impact on India.

IT
body NASSCOM said it is still reviewing the tax proposals announced by
Obama. However, "prima facie, the proposals appeared to be aimed at
addressing the tax rate differentials that exist across the world and
if implemented, this would impact American headquartered companies with
overseas operations," it said.

It said
global companies that earn profits in India are subject to a tax rate
of 33.9 per cent (including surcharge and cess) and "the impact of the
proposed reforms on them would be marginal."

President
Obama had yesterday proposed an end to tax deductions on those US
companies which create jobs overseas in places like Bangalore.

Instead, the incentives would now go to those creating jobs inside the US, in places like the Buffalo city—bordering Canada.

"We
will use the savings to give tax cuts to companies that are investing
in research and development here at home so that we can jump-start job
creation, foster innovation, and enhance America's competitiveness,"
Obama said.

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