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

Discussion in 'PayPal' started by Wisden Writers, Jan 28, 2011.

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  1. Rohit patel

    Rohit patel Prominent Member

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    #201
    Well PayPal sent notice and people again start blaming to RBI. But here is eye opener for you guys. PayPal don't want to follow RBI' regulation as Bank rather then Online payment system.

    Here is correct facts :

    http://techie-buzz.com/tech-news/paypal-rbi-guidelines-flouting.html

    So don't blame RBI, They haven't made rules strict for us but for PayPal made rules strict for us.

    RBI just asked information of the amount is over $500 which PayPal don't want to share.

    Please don’t blame the Reserve Bank of India (RBI) for this. For the record, here are the FEMA regulations (Foreign Exchange Management Act, 1999) which clearly state how businesses like PayPal should operate in India, and PayPal is definitely one of the biggest violators of it.


     
    Last edited: Jan 28, 2011
    Rohit patel, Jan 28, 2011 IP
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  2. Rohit patel

    Rohit patel Prominent Member

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    #202
    Rohit patel, Jan 28, 2011 IP
  3. kittyluver

    kittyluver Notable Member

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    #203
    Yes!!! The article you shared helped a lot to know about the violation of RBI rules.
     
    kittyluver, Jan 28, 2011 IP
  4. chandan123

    chandan123 Prominent Member

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    #204
    yeah this bloody paypal makes full of nonsense now to get some pressure from users on rbi , in media
     
    chandan123, Jan 28, 2011 IP
  5. ak_1980_delhi

    ak_1980_delhi Well-Known Member

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    #205
    I want to confirm the conclusions arising from PayPal's new, extremely controversial and absolutely unwanted update:

    As a 'freelance writer', I can receive payments from overseas clients, i.e. under the category of "freelance journalism" but this amount cannot be more than $500.00 :(
    Also, I cannot withdraw more than $500.00 and I need to withdraw the money withing 7 days of receiving it....phew!!

    As a 'contractor', I cannot make payments to other writers from my PayPal account? :(

    I cannot use PayPal account for buying goods and services that allow payment through PP??

    PLEASE CONFIRM WHICH OF THESE IS WRONG OR RIGHT
    DESPERATELY SEEKING EVERYBODY'S OPINION
     
    ak_1980_delhi, Jan 28, 2011 IP
  6. Rohit patel

    Rohit patel Prominent Member

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    #206
    Just simple:

    Ask payments in two parts if you have over $500!
    You can't send $0.01 even you have $100000000, you need to use CC.
    Payment should be in bank within 7 days!
     
    Rohit patel, Jan 28, 2011 IP
  7. FreeFun4Every1

    FreeFun4Every1 Prominent Member

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    #207
    In short you can only receive money but you can't spent... Now Paypal really sucks....
     
    FreeFun4Every1, Jan 28, 2011 IP
  8. mahan_eesh

    mahan_eesh Active Member

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    #208
    mahan_eesh, Jan 28, 2011 IP
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  9. SuccessSuccess

    SuccessSuccess Well-Known Member

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    #209
    I don't think there is any max withdraw limit. If you got 500 x 7 = 3500, you can withdraw all that in 7 days.

    My question is what about refund? If I sell ebooks & have 60 days money back guarantee, can I hold money for 60 days.
     
    SuccessSuccess, Jan 28, 2011 IP
  10. WebBuddy

    WebBuddy Well-Known Member

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    #210
    @The Peoples SEO, you think you can speak over here and call Indians scammers and pass judgements even though you don't understand the real problem? Even I am worried about this and mind it, I have a verified PayPal account with a bank account, visa credit card and PAN card (the IT return card in India) attached to my PayPal. Do you even know what kind of hassles a person who is not employed full time in a well paying job needs to face if he/she wants to get a CC? Do you know that high charges for conversion. CC payments will increase our costs may fold and the continuity of any medium-sized to large business will be affected by the weekly withdrawal condition. For many people who have high denomination withdrawals, a 500$ cap is way too low.

    Learn about the issue at hand before you try to give your expert opinion.
     
    WebBuddy, Jan 28, 2011 IP
  11. kittyluver

    kittyluver Notable Member

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    #211
    The only way is receive payments and transfer it to your Bank account. Then pay your online employers from your bank. (If they're Indians - No problem!)
     
    kittyluver, Jan 28, 2011 IP
  12. SuccessSuccess

    SuccessSuccess Well-Known Member

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    #212
    Well said...

    Some non-indian guys think its so simple to get CC. why not once visit our country & see our GOVT system.

    You will never ever bother giving expert opinion.
     
    SuccessSuccess, Jan 28, 2011 IP
  13. radiant_luv

    radiant_luv Peon

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    #213
    I think "yes" for all above points. However for 2nd and 3rd question, you must attach a credit card to send outgoing payments from paypal and the charge will appear on your credit card. Not from your paypal balance.
     
    radiant_luv, Jan 28, 2011 IP
  14. FreeFun4Every1

    FreeFun4Every1 Prominent Member

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    #214
    Now how buy domains??
    Hostings?? and other stuff...
    From now in MarketPlace of DP the last line of Indian members will be
    "Payment via anything excluding paypal"
     
    FreeFun4Every1, Jan 28, 2011 IP
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  15. Rohit patel

    Rohit patel Prominent Member

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    #215
    Rohit patel, Jan 28, 2011 IP
  16. Ethical Geek

    Ethical Geek Member

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    #216
    No country in the world should follow the US monetary and fiscal policies!

    Do you never realize your mistakes?

    Having control over financial transactions is to prevent financial nightmares which could and do cause a domino effect throughout the economy and related economies.

    Paypal carries out transactions in billions of dollars, and doesn't want to be held accountable for it, just for the purpose of Tax Evasion!

    If nothing shady is going on, what is the purpose of not disclosing transaction details?

    When you hold forex belonging to another country without reporting it accurately to the country's financial regulators, is it not fraud?

    Paypal's current policies are purely their choice, and that is in no way arguable in a court of law.

    It is up to us Indians to decide whether or not to use Paypal, and we can't force them to change their policies
     
    Ethical Geek, Jan 28, 2011 IP
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  17. Anil Pandey

    Anil Pandey Active Member

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    #217
    Very well said!

    Without customers from India, Paypal is doomed.
     
    Anil Pandey, Jan 28, 2011 IP
  18. SIVAJI

    SIVAJI Well-Known Member

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    #218
    SIVAJI, Jan 28, 2011 IP
  19. seogoogle

    seogoogle Well-Known Member

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    #219
    Thanks Rohit for sharing :)
     
    seogoogle, Jan 28, 2011 IP
  20. aspire

    aspire Well-Known Member

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    #220
    How should TLA and other such networks react ? What do they do with payments to accounts (India) with more than USD 500 ?

    A solution could be there in the next few days. Let's keep scanning the web to find any updates...and post here for benefit of everyone
     
    aspire, Jan 28, 2011 IP
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