hai guys... Online money transfer service provider Pay-Pal has been asked by RBI to stop its operation in India. read the news http://economictimes.indiatimes.com...rtal-Pay-Pal-in-India/articleshow/5571419.cms will paypal register with RBI???????
yes they will register with RBI for sure Indian paypal account is a big market for them and theyw ill loose a lot of revenue if they do not register with RBI
Paypal's Indian business is around 7% of their volumn and its rising fast. So India is a very good market for PAYPAL. They are in the process of securing nod from RBI. And such process takes time.
i want to suggest some tips to Paypal if they are planning to register with RBI. 1. Pack your bag with riswat and quick send to RBI office. 2. Ask RBI's official to send documents with DHL otherwise they will never reach to you. Also send your document s with DHL 3. Keep patience because Indian government employees have right to make delay in work.
Definitely paypal will sign up RBI to resume operations in INDIA as it has good potential marketing there. More over, all the INDIANS should give their PAN to paypal to withdraw money to their bank account.
they are in the process of sending documents to RBI such as utility bill , telephone bill etc of paypal office
Of Course PayPal will respond to RBI's notice, it will never want that it loose dominance on Internet. Also, PayPal is aware of the fact that India is one of the fastest growing Economy.
I heard about PayPal troubles in India. It's quite offensive in my opinion, they reject nearly all orders by people who live in India even if PayPal is verified.
There is more than just 'utility bills'. A lot of disclosure is required in terms of their working. Thats a silly question to ask. Of-course paypal will try its best to get itself registered with RBI. Why would they not want to harness the growth potential of India? Rightly said dude... Unless and untill someone corrupts them they wont move the files. Knuckle heads
Yes, these problem will resolve soon and people of India will transfer the money in their account from the paypal with in 7 days.
I think if paypal registers with RBI then indians would have to pay 10% fee for every trasaction lol.
Yes I think it might register itself with RBI. The thing is I don't understand why they haven't until now Moreover I guess the process of getting registered isn't going to be like filling in just a form and paying up the registration fees. It will need some things in place from paypal side, so changes are going to be coming soon.
If paypal is just payment processor for commercial payments, i dont think they need to register with RBI. To do money transfers and remittances with personal accounts, sure they need to register. With that being said, there are more issues need to be addressed by paypal like money laundering, tax and much more..
Thanks OP... for the quick link to the ET news in this matter. As regards the registration, I am pretty sure Paypal would get the same... very soon! I guess it is just about making its transactions lot more transparent and detailed, so that it can provide all the information about them to RBI in their required format... whenever they are demanded! Regards, RightMan
oh my god 10% isnt it large... So we to have to pay now for each transaction we made to indian bank.. And 10% means when we withdraw 100$ we got to pay 10$ thats very annoying..