RBI new policy affects paypal tos.

Well LAST RBI policy meet were held on Jan28/29 2010.On the same day RBI had brought some new policy with regard to trasnfer of funds from india/to india and that new policy affects the paypal term of service.So that only Paypal holds the payment from the (suspensions began Jan. 28)/reverses of the payment began from feb1.

So it's conculded that now only FINANCE MINISTER Pranab Mukherjee can do some help to us and he have to advice RBI with new policy and RBI have review the new policy and bring some chance which might help paypal to restore the things to normal.So these things might take some days of time to get shortout.In mean time there is no use of SPAMMING paypal customer care.So just be patinence.

 

any official link?? you guys are just reading fake things here and there and then post..

don't try to create confusion. try to help to solve the problems.

 

Well this guy is correct upto some extent....

I have friend who's uncle works with RBI Delhi. After 3 days I was able to talk to him. He said he heard some thing about Paypal and he don't know the correct cause of problem...

But He also added this is s related to some steps taken by finance ministry and related to TAX compliance. so there was kind of reporting which paypal has to do for RBI, with all identification details with which IT dept can find those who are not paying taxes and Paypal failed to do so and that's why this all is happening

 

Just google with the word

rbi policy meet

Code (markup):

then it will shows you jan28/29 2010.. I am 100% sure...

 

So what is indian finance minister upto do...
Will he allow paypal transaction to indian bank account..
God please get a positive responce and resolve this..

 

lol you just read that and found a news abt RBI meet and connected the Paypal issue with it... again yes there may be a meet but is there any official statement frm RBI or Indian govt.? abt paypal??

Don't try to confuse things dude. and what RBI has to do with personal payments of paypal?? and what RBI have to do reversal of payments from paypal account?

Don't try to defend your bullshit thread. just stop.

 

You are right there is no any official link. they are creating confusion. If anybody found any official link just post here don't try to create confusion.

 

Just because some of your funds got stuck in paypal you no need to call me/or anyone as bullshit overhere.

RBI policy measures statement won't direct/mention a particular name of the company they will issue in general it's not paypal alone trasnfering personal payments from/to india.There are many companys do these job.Only thing is Paypal TOS might have conflict with new policy measures.


Now if these issue stands unsolved.Now There is a fair chance for paypal to post back the funds to your paypal account after 14 business day from the day of request for bank trasnfer ( i.e)those who have requested for bank trasnfer of fund on from jan27 to feb5 might get chargeback after 14 business days.Though the staus shows transfer got completed but no credit found on the bank account.

 

you know you are jackass not jackcool lol.. I didn't said you bullshit I wrote about your thread. and you seems to be a RBI Governor that's why you know in-depth knowledge of what RBI can share and what not

 

Are these the new policies that people are talking about?

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5472&Mode=0#a

I don't understand a word

 

offcourse....RBI wants to implement the strict KYC norms and RBI wants

In the principal rules, in rule 9,

No banking company, financial institution or intermediary, as the case may be, shall keep any anonymous account or account in fictitious names.


Where the client is an individual, he shall for the purpose of sub-rule (1), submit to the banking company, financial institution and intermediary, as the case may be, one certified copy of an 'officially valid document' containing details of his identity and address, one recent photograph and such other documents including in respect of the nature of business and financial status of the client as may be required by the banking company or the financial institution or the intermediary, as the case may be.


So to conculde Paypal might ask you PAN card to be added in your paypal account.So those who don't have PAN card start applying it...


Noteaypal is a financial institution and not banking company.a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries.

 

We need to show this to CA or Accountant, may be he can give us clear idea.

 

Legal language is hard to parse. What it basically means is that PayPal is not strict enough with maintaining valid user credentials. But that shouldn't be a problem since a full account requires a credit card verification. I guess they are zeroing in on the unverified accounts.

That is if at all this is the reason PayPal has resorted to this move. Is this a new addition to the policy? doesn't look like something RBI would miss out in the beginning and add so late into the game.

 

Not sure about RBI but Economic Times of the Times of India group posted that it is perhaps due to the Indian government's crackdown in November 2009 on international banking transactions, when it instituted new reporting and verification requirements on all banks and financial institutions to prevent international money laundering. Check this article here:

http://economictimes.indiatimes.com...lts-payments-to-India/articleshow/5550148.cms

So, now it seems it might be due to govt. regulations as TOI group is the most reputed news group in India and has access to almost every source in India.

 

Can anyone on here actually separate the truth from the hearsay? Personally, I'm starting to become confused...

 

Yes. I think only verified accounts would be allowed from now on. I think PayPal is thinking what can be used for such identification so that they can follows Govt rules and at the same time not lose customers. Because not all Indians using PayPal have credit cards. Also all credit cards do not carry photo of individual needed for verification.

According to new Govt regulations,
- Identity must be verified before creating an account. (9-1-a)
- For an individual, a document containing photo and address proof must be kept for transactions. (9-2)

In other words, Finance Minister wants that PayPal use PAN card for identification so that he can easily tax the people receiving money in India through PayPal.

 

I really dont think its a RBI policy update, its a paypal's technical problem.

 

if this was the case paypal would have boasted about this from the first day itself

 

Paypal cannot force anyone here to relax the rule..may be they were going some offshore dealing...

 

When paypal makes payment to someone they are sending the funds to a proper verified bank account so how does this break RBI's terms ?