Hi, Guys just check this link its RBI latest guidelines Updated on 28th Jan 2010 there is a lot to be read there i can read some sense in it any thoughts on the same... http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5472&Mode=0#a The pointer (c) in above is the main cause of concern for paypal Indian Users Dee
I think paypal is making a provision for entering ... A Valid Pan Id And some kind of Photo id before letting any transactions in or out of paypal ( only for us indian ) . That id can be re routed , cross checked at the time of bank withdrawals. surely a speculation but the provision is acceptable to me ......... Dee
I think, we true guys can get attached to such verifications, as long as we are allowed to work and do the transactions fine. Atleast Im fine. I know, all of you are as well.
if paypal starts asking PAN number, what will happen to those who don't have PAN card,now do they need to get a one for paypal's sake ?? I know a lot of my friends who have paypal accounts but no PAN card,
From what I see is a system to enter PAN card details too in your paypal account. All those who till date haven't paid taxes or don't have a pan card, its high time you apply for one and regularise your taxes.
I Dont think that paypal gonna ever come up with any solutions rather than imposing some restricted paypal service. RBI better ..look into our politicians swiss banks rather than poking into our business .
Making paypal more secure is good. I agree with this. This will surely reduce frauds an unauthorized accounts. All the countries who all were using paypal eventhough they were blocked will be screwed on this.
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.
Having a PAN card made is very easy. Just apply and you would receive card at the address you provide within 7 days. You need proof of address and photo identity proof. A Voter ID card works for both proofs. Click on PAN on left side to apply : http://www.incometaxindia.gov.in/
I really dont understand how RBI policy affects paypal. RBI is a regulatory body for banks in India and takes care of economic policies. Paypal functions in a legitimate way. Its just an intermediary for fund transfer wherein the sources of funding your account (thru credit card) and withdrawal (by check/ credit to bank account) happen thru a legal financial Institution in India.
I think the real problem here is that paypal knows how the payment is coming to our (indian users) accounts (paypal). like for services , goods but when we withdraw to bank account RBI don't know "for what" this payment is coming ? its a tricky situation for either party , We are stuck in the middle of it all.
Last November, the Indian government introduced rules requiring financial institutions and other intermediaries to verify the identity of clients carrying out international money transfers. PayPal's user agreement says it does not guarantee any user's identity because user verification on the Internet is difficult. PayPal does reserve the right to validate customers' identities, including asking for documents. http://www.pcworld.com/businesscenter/article/188775/paypal_suspends_personal_payments_to_india.html
i think paypal already does that complying with US and EU laws or laws specific to country. For every paypal account holder, they limit account anytime (after your account transactions reaches $1000 or more) and ask for passport and credit card statement. They already do this! You should know that US and EU laws are much much strict compared to indian laws.
Photo Verification is not an issue, we are not tax eaters, we pay much higher tax then anyone in world, still this crappy politician is hungry. is bank withdrawal option enabled ? I don't want to ask for a check as it will take 30 days to get credited and with 10% fees.
Hi i agree the Main villain is RBI. so we can do one thing we will all together call to RBI and try to get metter resolved. Here is i am listing RBI's Phone Numbers in your nearest Area 1. Ahmedabad 079-27542216 079-27541993 2 Bangalore 080-22277620 080-22210185 3 Belapur 27576717 27570015 4 Bhopal 0755-2553179 0755-2552283 5 Bhubaneswar 0674-2396089 0674-2395911 6 Chandigarh 0172-2721366 0172-2701186 0172-2721366 7 Chennai 044-25367236 044-25365220 8 Guwahati 0361-2734267 0361-2540033 9 Hyderabad 040-23230299 040-23230299 10 Jaipur 91-141-2562060 91-141-2563016 11 Jammu 0191-2474886 0191-2470576 12 Kanpur 0512-2333266 0512-2306105 13 Kochi 0484-2402820 0484-2402715 14 Kolkata 033-22308341, 033-22300470 033-22313645 15 Lucknow 0522-2392309 0522-2392309 16 Mumbai 22675469-22705724 22705724, 22665724, 22650058 17 Nagpur 0712-2532351 0712-2536756 18 New Delhi 011-23356720 011-23731461 19 Panaji 0832-2438660 0832-2438657 20 Patna 0612-2322587 0612-2320407 21 Thiru’puram 0471-2324778 0471-2330843 Sorry for my poor english