Important Update from Paypal for PayPal India Users : Change in User Agreement

i think we should start to use some else service rather than paypal , this is the best solution out here

 

Paypal cannot do anything in this case. Its as per RBI Guidelines and they need to follow that or Indian Govt will screw them.
Its a dead end and I dont see any possible solution as of now . Its Rules like this which makes people take Black Money Route.

No Doubt, RBI has Placed this restrictions in order to check the transactions that goes without its notice out and out through paypal, However a simple method could have been that it would have asked the users showing income through paypal to provide Monthly Paypal Statements just as we do in Our Regular Bank Accounts. Case Solved.
But Our Age Old Officers cannot understand such things and without giving any strain to their unused brains they have a Simple Idea Just Block all Transactions from Paypal.

The Problem her would be Shall we have to pay INR 50 every week in case the amount does not go above INR 7000??
The Currency Conversion Charges when CC is used is quite high - so there too we are screwed.

Any Type of Hype on this forum or through any other mode is not going to stop Paypal to reverse these rules as they are bounded by Law Of Land.

 

RBI and paypal both sucks. Last year in June 2010 they send the similar mail and then said... that was not send by us. But this time same email is posted on the paypal blog.

RBI wants we dont do the business and keep paying the taxes. Like this they want to control the inflation and maintain the growth rate.

Paypal exchange rate is already poor and now first withdraw the money with poor exchange rate and make the payment through credit card and pay exchange rate charges again.

"not exceed US$500 per transaction" clause is totally crap.

 

seen that already! We talk about freedom all these years and i doubt there is any financial freedom in india. do you know that you are not even freely allowed send payments to foreign countries by western union or wire. Our hands are totally tied because our RBI wants to store foreign currency reserves by restricting currency outflow from india.

 

Guys if you think this is fine, please try and get this word spread everywhere and to all the Indians. Let the media and Indian government know how they are harassing us.

Update it as your status wherever you can facebook, twitter and more...

 

If this is RBI rules then I guess other payment option also has the same rules for Indian users.

 

Its not Paypal, its RBI twisting Paypal arms. Paypal has no reason to do this. I bet there's fraud out there which RBI is trying to prevent. But then they are not looking the downside. well, that's not their job.

 

I am hoping that this won't happens really..surely there are less chances to implement this...Suppose if this really implemented then there is no paypal business in India and it will be great loss for them also...Anyway hope the best...

 

We got to find a better solution to deal with this.

 

No one should be happy... I Guess..

B'Cuz you cant keep the funds in the PayPal accounts for not more than 7 days as it should be widthrawn to your accounts and $500 per transaction are they serious?????????????? There must be so many big people around in there who must always be dealing of transaction of thousands of dollar do they have to spend hours just to complete the payment parts??.

Well according to me its weird and must be annoying to some serious business people.

RBI is trying to make money out of Paypal from all the Indian users!!!!!!!!!!!!!!!!

 

According to Paypal We need to pay Fee to withdraw money less than 7000 INR.

I am sure they will remove that fee now as if we dont have any other option than withdrawing money in less than 7 days, we have to withdraw whatever amount it is, even if its 1$. WDF!!

 

Pay advance taxes, vote for them and now take whatever shitty methods they can adopt. All this junk and business restrictions really makes me feel if I am safe enough to live in this country. Tomorrow they might just start tracking the amount of water I consume, the food I eat, the places I roam, the friends I have and bloody hell term it National Security!

 

It is not just you my friend who is confused. The sudden email has really surprised a lot of Indian Paypal users. Remember those days before LPG(Liberalisation, privatization and Globalization). Maybe RBI wants to take the Indian Online Businesses and owners back to that time.

 

I just hope there's not a total monthly withdrawal limit. STPI guidelines from 7-8 years ago are similar. Get whatever you made into the bank first and then spend/incur expenses off that income. They just don't want you to earn $1000, spend $200 and just get $800 in the bank For whatever reason, they want you to withdraw the entire $1000 in the bank, pay expenses using a credit card and then use money in the bank to pay for the CC. That's fine, according to them.

 

i think this move will really hurt those who use paypal for high net payments. Small businesses and freelancers should be ok. It may effect ebay sellers too.

If you dont have a credit card, Go first apply for a credit card, if you dont have one - you cannot send payments through paypal. That is buy domains or pay for hosting. PERIOD

WTF! every year by Feb i dont know why paypal and RBI are dropping these bombshells. God Bless India!
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May be in that case PayPal can have liberty to just delete your account balance

But I guess they will provide more information before 1st march.

In anyway, this is due to RBI, not PayPal. Have to pay more fees to buy online after 1st March (fee of withdrawing to bank + debit/credit card fee while buying online).

We fucked up Aam Aadmies LOL

 

RBI and Indian Govt got mad. They can't do anything who save black money in Swiss bank. We internet marketer going to face very big problem. Think how to pay to your hosting company, getting affiliate payment, buying domains, payments to your writers or any freelancing work.

 

This is not PayPal's fault. This is due to some bad policies taken by Manmohan govt. This kind of steps will hurt the young enterprenure of India. They must use this kind of policies to catch the Big fishes not the small ones. Don't know whether or not they want a prosperous India in Future.

It will affect my business for SURE.

 

I'm not complaining. This is so much more civilized than suspending Paypal operations for Indian account holders.

I think these are excuses. In the past 4 years the 5 years the rates of fluctuated between as low is 40ish to 47ish when it comes to exchange rates. Whether you're trading in stocks or putting your money in diversified investments, the value fluctuates.

As individuals dealing receiving payments from global sources we have to be ready for foreign currency fluctuation.

Having a 7 day cap on transferring deadline makes sense. We must encash the funds as they come because these are payments. PayPal isn't a bank that we should store our funds and then exchange only when rates seem high. We should withdraw our money , and then put in shares and enjoy fluctuation.

I don't know these big people who make $500 from a single source everyday. It's upward of 6 and a half lakh rupees from a single source so all them are millionaires, and they already have it worked out. As a writer with a decent income, I have no complaints.

 

Yea RBI just ordered PayPal to rape us.

So for now I have to remember not to accept less than $180 at one go, and transact that within 7 days. And if the bill is more than $500, split it.