Anyone else got the email alert after withdrawal (Indian Paypal Users) ??

and thats why , they targeting indian only . as they know , they have no 2nd option !

 

Damn... I just checked my paypal now.. my account went from 1.3k to $100 today.. wtf paypal ??

 

This is happening for all payments and withdrawals between 1feb and 5feb I presume

 

Here's the email i got frm paypal regarding the funds not reaching my bank acc.

 

This could be the issue:
http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5487&Mode=0

This could be he reason. (Pure Guess)
RBI implemeting strict policies on Indian Banks and Indian Banks now requiring transaction details with both buyer and seller address (Hence transactions without shipping address getting reversed.) and banks are not accepting money from paypal (withdrawal to Indian Banks) until this gets resolved.

 

that really makes no sense. rbi wants our address not our clients transactions/address

 

I have been reading this thread for the last 2 days since it was posted.Read almost every replies from every single indian brothers and now I think it's the time for me to post something helpful.

I am too a victim of this dreadful situation and got around $260 reversed.Just now I have talked with one of my indian pal whose uncle is himself an official in the RBI and he just informed me that it's the Govnt who did this all.Paypal regarding this issue will come down to line soon with no more personal payment feature and all other paypal payments will be taxed.

About all the reversed payment,well that's all in Paypal's hands and whichever way they decide about this,the reversed amount could automatically come to our accounts just as it got away to senders automatically or it could be requesting the senders again to resend the money using other available options.

As for the timeframe,nothing could be said until monday night and it will be their Monday morning and opening day of the business week.So stay calm and don't panic.They are not going anywhere with our money because the Govnt is quite aware of the whole big amount that we might loose if paypal betrays us and hopefully that won't happen.

See ya all and good night.

 

No Sir,but now Tired of posting and just waiting and reading around!

 

WRONG IMPRESSION is created here by some users about TAX.
what is logic of NO Tax here.we do consider all payments from paypal as normal business income and pay taxes.

 

yeah thats right....same is with me..i make it sure to pay the taxes on time but even then such suffering makes me feel like very disppointed

 

taxed on what basis?

Paypal payments that we get are revenues.

Profits are taxed, not revenues.

 

I am 100% sure this is due to the regulations of RBI and Indian banks requiring to fullfill those when accepting international payments. The only thing paypal could have done better is that they could have informed in advance and could have emailed the reason for this reversals or withdrawal delays in details.

 

No wrong impression created mate.From now on u will have to pay 30% tax of the total amount u withdraw through ur bank from ur paypal account and RBI is going to take that 30%.Say if you get a $100 payment from ur buyer and like to withdraw it then u will be just left with $70 to withdraw.Thats the real fact.Time will tell u whats correct info and what's not.Believe it or not.So just wait.

 

wtf

then we better ask cheques ?

 

I withdrew money from Elance on Jan 27 .......... while status shows completed, money still not reached bank. Also, I was not charged any fees .... I transferred xx dollars from Elance and No charge was levied by PP.. so i my PP account, I got full xx dollars. But withdrawal is completed, and not reflected.

 

RBI is not a authority to decide TAX rate on me.RBI never take any TAX.

Its My responsibility to calculate my revenue and profit and pay tax and If I don't then its IT department who is going to keep watch on me and NOT ever RBI.

RBI can only make sure all money I receive through Banking channels are Reported and they know where the money is coming from and who is receiving it and they do it with making PAN number compulsory now on most of other transactions and I guess what they have asked paypal to do so on all transactions sent to NEFT now.

 

Mate,

Where are you getting all these infos???

30% tax???? We have to close our business

 

Don't worry.

It is never going to happen.

As I said before, government doesn't tax revenues, it taxes profits.

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I will give you an example.

Suppose a person is using PPC for affiliate marketing.

He spends 8000 on Adwords and pays by credit card.

He gets 10000 in Paypal from the affiliate program and he withdraws it.

Thus, his taxable net income is 10000-8000 = 2000.

That is how it works.

No one is going to tax the 10000.

Every self-employed person is allowed to deduct business related expenses.

 

My duty was to inform u guys and I did and now what u think doesn't really matter cos we don't know which body will be forced to put tax on our earnings,whether RBI or some other.Time will tell u all so wait and watch.