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

are you sure this was done by paypal?

 

Just 1 soln ban paypal, it gives less service more headache

Cant obey rules , den u cant stay here

Rbi is our bank it will always care for our security & safety

v will find a better alternative

 

i agree RBI always care us

btw if gov get more tax via this it will help them and we may get lot of new schemes

usless if the money in right hand or they will loot the money

 

Finally, Indians Paypal are under RBI. Finally RBI can Check what is going around in paypal .Ultimately Indian will be suffering. i guess because of the TAX laundering.

 

I dont get what the hue and cry is all about. We Indians have a shameless reputation for making a mountain out of a molehole. Anyways, I got in touch with RBI headoffice and the $500 limit is just a temporary hold. It'll be increased soon. However, the 7 day withdrawal limit and the C/C Usage will stay and to be frank, I dont see it as a reason why you should worry.

1. If you cant deposit rs 20k and get a C/C, then frankly you have no business online. Most Indians make above 20k INR a month and if you cant invest a month' salary on a fixed deposit, you should go sell Bananas or something.

2. The $500 thing is most likely temporary and it will be increased soon. Most affiliate networks have tonnes of Indian publishers and they will no way ditch us . They cannot neglect a substansial group of publishers and they will provide alternatives for sure.

3. 7 day limit is a fair thing. If you'r worried about losing rs 50 through one withdrawal, then again you should open a tea stall. Online buisness is not about worrying about a couple of dollars here and there

For all those worrying about RBI and Govt Looting us, exact figure stats that the overall volume of transactions coming from Paypal is about $1 billion/year out of which Paypal earns about $40 million a year and the Govt has liability for about 30% of that or around $12 million/year which is just what the Mumbai-Pune expressway toolbooth earns/year.

 

I would'nt blame Paypal for this. It is operating is so many countries without any issues. Why does only India have a problem with the way paypal functions.

If it is for tax purposes then there are other ways to sort out this mess.... can't pay via paypal balance, no more than $500 per transaction and deposit in bank within 7 days is not the correct solution.

Only if the government was run by more educated people, things would be a lot better for many Indians.

 

That is because we have rules for Import /Export and the Govt cannot afford to mend it for something which gives it a measly $12 million/year. $12 million is not enough to construct a highway forget country development

 

This is some good development. Do you have any more info on this limit revision - the time by when it is expected to go up and the new limit amount itself or any other info related to this.

 

It's a relief, if this is a reliable information. I sell websites regularly, which cost between $1000 to $4000. It's very weird to receive such amounts in part payments.

Secondly, I see no reason why anyone would use PayPal to Send Payments, if they require CreditCards to transfer the balance. I mean, wouldn't it help to make direct payments to the services/merchants via your CC?

 

For that the merchant must have a gateway setup right? CCAveue and EBS take high fee, whereas paypal dosen't have any initial payment and per transaction fee isnt that high either.

 

this is not happened first time so lets see.

 

It is really bad for Indians I also got the mail yesterday.

 

Yes that is correct. And I'm specifically talking about the Members here, who are worried about making payments to their Hosting Services and Domain Renewals - If they have no option than to transfer funds to their PayPal account via CC, why not directly make payments to Hosting Company? Isn't that more convenient? Why use PayPal at all to Send Payments? And I believe, most of the Standard Hosting Companies have their own Payment Processors or Third Party Gateways.

 

I have a question: Why we need to have fixed deposit to get a credit card? We can easily get a credit card from any Indian bank by submitting the required documents. Moreover, the credit card is already attached with paypal as it is a basic requirement to use paypal. So what's the problem

 

Many Indian Paypal users have their Paypal accounts verified by their bank accounts.And now as per new rule,you need a CC to buy anything online and you cannot use Paypal balance to buy anything.The CC can get easliy by opening Fixed Deposits In Banks like ICICI,HDFC,Yes and Axis.If you normally want a CC,You get on Providing Income Tax Returns to Bank Which normally Online internet earning Indians People dont have thats why CC is easy to get with help of Fixed deposits rather than Income tax Returns.

 

Well most easiest solution is open a HDFC account and use their NetSafe service to create VCC and complete to money transfer! That's it! It will be fast, secure and hassle free!

 

The notification says that we won't be able to buy goods or services. Can someone expain this? Does it mean an end to online shopping?

 

That's what I am saying. Credit card is already linked with paypal. If paypal does not allow to buy anything online using the paypal balance, we can use credit card to make the payments.
My credit card which is from HDFC back is already linked with paypal since last 3 years. It's just a shift of medium from paypal balance to credit card. I think credit card is the easiest thing to get.

 

This simply means that the payment you receive from your Clients into your PayPal account cannot be used for Buying Goods or Services. That payment must be transferred to your Bank Account. But that doesn't mean an end to online shopping. If you wish to Buy Goods or Services, you will have to use your CC to transfer the amount into your PayPal account.

Hope that clarifies.

 

Way too many restrictions.

1. Can't keep any money in Paypal account.
2. Can't receive more than $500 per transaction.
3. Withdraw any money (you already have) within 7 days.
4. Can't buy any goods or services.

What kind of business is this, Mr. RBI?