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

I have got a website and i had got the domain, hosting, vps..all purchased from paypal funds only.

 

It's not fight between PayPal vs RBI. Get fact clears before blame to Government and RBI. FEMA act has been their since 1999 and Government give guidelines to PayPal about how to run their business. PayPal is biggest violator of FEMA act 1999. When PayPal starts their operation they know about it!

So it's totally PayPal's fault not share information above permitted limited! They need to provide documents if we have balance within account for longer time of we perfect over $500 transition but PayPal not ready to provide those things!

 

Exactly.

They wouldn't like again RBI assuming them as a Bank since the Virtual Deposits will no longer be with Paypal.

So they ask us to remove the funds from Paypal to our Bank.

With this RBI is also happy(since the money is in India)

 

It is good If you bought all for 1 year or more but if you bought for one month,then you have to renew it and you cant renew from March 1 as buying anything from Paypal funds will not be allowed so CC will be needed.

 

Paypal should listen Follow rules.

 

This is not done by paypal nor related to frauds. This policy has been enforced by the Reserve Bank Of India if you have read the email

 

One Darn Question is itching me.

Since we are asked to remove all the funds from our Paypal to our Bank.

So It is our Revenue which will be withdrawn and The government will treat it as our Income and charge Tax on the Revenue instead.

How to calculate our Net Income?

Note:-Be careful when selecting the option while withdrawing the money and be careful to select the right one since every option attracts its own Provisions of IT Act.

 

But if you do some research then you got to know rules are set by FEMA in 1999 and PayPal got whole guideline when they start their operation in India!

 

They will give you on the spot, but do ask them to issue a New CC with your Name on it.

 

yeah got it for 2 years the domain and hosting for 3 years....

Now can u please tell me...if i apply for a Sbi Credit card..will i be able to get within 2 weeks and able to withdraw all funds from paypal?

I have got a PAN card already..

Or should i open ICICI bank account?

I am confused

 

Shawn, try to count Indians on the board see the percentage man max of the reliable service providers must also from India. You are talking about the country which has 1/6th of the total world's population. Think about it

moreover as per RBI guidelines, we have already submitted PAN card information in paypal. Bank accounts are linked. Credit Card information is there in paypal.

RBI allows USD 25000 overseas payment in one transaction but only if the company is following guidelines given under FEMA act 1999. Now its time for paypal to knee down before they loose the Indian customers.

BTW for everyone's information, I and few of my friends are getting paid via checks from our overseas clients. Though it takes a lot of time (45 days) to get cleared but overall its not that bad. Wire transfer is also available which takes 2-7 working days.

Don't get upset. There are a lot of ways. Think about it and work

 

I dont know about SBI Offering Credit card on Fixed Deposits and you will get within 2 weeks or not.
I suggest you to go for ICICI bank account And They Offer you CC in your hand on opening Fixed depsit of 20000 Rs and you can have bank account as well and you can withdraw funds immediately to your bank account.

 

for money earned from filehosts which is the most appropriate one?

 

MOB....ur replies are quite spot on and relevant....

So we need the credit card just for verification only...right?

So even if i take a CC against a FD OF 20k, still it has nothing to do how much funds i can transfer from paypal to bank account?

No problem if i can withdraw all my 2500$ from paypal to bank account...right?

 

can we get cc if we dont have pan?

 

wht rubbish

 

No , pan is necessary , just apply for a pan it costs 100rs & u will get it within 15 days

 

Yes the main problem will be on receiving payment and then withdrawal

if we receive even $10 we have to withdraw it within 7 days here we will lose more money like
1, exchange rate 2, withdrawal fee ( less than 7k INR )

 

You cant get CC on your name if you dont have PAN crad.You can take CC on your Father or Mother's name or apply for PAN card if you are 18 years old and then get CC on your name

 

No PAN card no credit card....SBI refused me to give a CC with PAN Card...yeah do apply for PAN Card