paypal India - Here is Next Problem - Now you can not pay outside

Yes I too agree with you on this point.

To Don,

It may possible that CC haven't checked the mail completely. Did you got response from Spoof department?

 

Asshole RBI......why the hell are they f*cking around with our money....when the officials and other political 'leaders' stow away their money in swiss banks!! Get their money back first then fuck with our money!

 

Guys I think these regulations are true as I checked in the policy updates of paypal and I seen same thing for South african users which is written in the email

Check these in policy updates

In Section 17 for South African Users:

You are required to comply with South African exchange control regulations. This means that:

1. If you receive amounts into your PayPal balance from a PayPal user:

1. you may not send those amounts to another PayPal user for a purchase or for any other reason.
2. you must withdraw the amounts in your PayPal balance to your FNB bank account* within 30 days of receipt of funds.

2. If you would like to send amounts to another PayPal user:

1. you must do so either with the credit card associated with your PayPal account, or by doing a Top Up to your PayPal balance from your FNB bank account*.
2. For purchases using Top Up, you must do a separate Top Up for each purchase.

* FNB charges a fee for each Top Up and Withdrawal. Please see the FNB website for more information.

Give me some updates if any one have more to say

 

May be they send email meant for SA to India.

 

One thing is to notice that there is Send Money option still available but it should not be there if we can not send money.

 

No, the button will stay there forever as we can always send money via CC.

@Deluxdon: Did you inquire whether the mails for personal accounts only or all accounts?

 

You are right but there should be some changes.

 

I guess the rule is applicable to every type of accounts as many premier accounts have also received it as well.

Those who have not received such e-mails including myself are perhaps those... that have their e-mail accounts with gmail and google is probably blocking this particular e-mail... thinking it to be a phishing mail!

Regards,

RightMan

 

yes I think they'll tweak their algorithms to accept only CC as funding source OR at least not to accept PayPal balance as funding source.. but as we know the quality of their coders from the Februaury fiasco, we can expect some more drama here

 

The drama has already started ! Just when we thought everything is over. PayPal throws a bouncer at us.

 

Now its our turn to hook it for a six over long leg boundry.

 

If I have to put it in simple terms, I would say "RBI wants to kill PayPal".

 

Or may be they want to kill those innocent freelancers who can't even pinch their whooping Ass!

 

If we cant use our Money in our manner , then what use of using paypal ?


Finally we should say Get lost paypal ,

 

I have not recd. this mail for any of my Paypal Account.
Can anybody paste the mails with full headers here so that I can anylize?

 

I have not received this mail yet for my Premier account (@gmail) - even checked the spam - nothing there. How s this possible that only few people got mail and not all ?

 

I feel that Paypal may not be able to fulfil the demands of RBI about Inward remittances to personal accounts and that is the reason they are going to have only the premier/business accounts and even are going to only allow for transfer to bank accounts. If you want to purchase then use the credit card so that it can be tracked and taxed. I am pretty confident that this is the scenario. Gosh, maybe we should eliminate RBI and start our own Swiss bank for freelancers

 

This is the info on RBI/Paypal appeared on times of india article. Incase you dont know check this out.

The banking regulator’s contention was that such personal payments amounted to cross-border money transfers, and PayPal was not authorised by RBI to offer the service. Following this development, PayPal had to suspend operations in India, putting many of its Indian users, numbering nearly 1,75,000, in a spot.

The inquiry by the banking regulator, however, is yet to be concluded. “We have given them time till April 30 to respond to certain queries that we have raised. Future course of action will be determined after they send their responses,” said RBI spokesperson Alpana Killawala.

Mr Nayar confirmed that PayPal intends to apply for the requisite licences and approvals to transact personal payments to and from India, but pending a policy review by the government, uncertainty persists on this front.

“The Indian government is conducting a policy review on the regulation of inward remittances, and the central bank is not processing new applications pending completion of the policy review. So although we intend to apply for a licence to process inward remittances, it is uncertain when we will be able to submit an application,” he added.

 

Have anyone checked by sending payment to someone whether its workign or not? Please let me know about it.