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

There was an interesting article in newspaper 3 to 4 years ago, just before the paypal troubles started in 2009, 2010 and 2011.

Congress party charges a nominal fee (only INR 5 or 15) from persons who are interested in joining the party. So one has to spend only few rupees to get the lifetime membership of party. Clearly this fee is only a formality. What about NRIs and other people who are living abroad ? Fee is only INR 3 but how will they pay such a tiny amount ? So some wise men from congress party opened a paypal account and happily started accepting payments from all over the world. Two or three hundred members later.... when they checked the balance of their paypal account, they received the shock of their life. It was negative. That's what happen when we receive less than 35 cents per transaction. Newpaper quoted - To collect INR 3, paypal is charging INR 68 per transaction. I think their account was also got limited due to negative balance.

Actual new was -
The Congress in Uttar Pradesh has done something unbelievably st*pid.

It has opened online membership to NRIs with a fee of Rs 3. Worse, rather than getting those three rupees, the party is actually losing Rs 65 per member. Paypal is charging Rs 68 for collecting the paltry membership fee!

Thankfully, only 347 applications have been receive online so far. For a party used to receiving money, this has come as shock. So, it is exploring options with private banks. One bank has quoted Rs 5 per transaction if it gets Rs 25,000 as a one-time payment and Rs 10,000 as annual maintenance fees.


May be they are taking revenge from paypal now (RBI, rules, regulation, tax, terrorist, money laundering etc) or they want a special paypal account which charges no fee for receiving money. Well.. we know Indian babus. A poor man who is running a road side tea stall or cheap dhaba has to serve free tea and food to constables / traffic police officers posted there. Its his duty if he wants to do problem free business. Even rich businessmen are not spared here. They spend million of rupees on gift to bureaucrats. Easy to guess what will happen to business if some mobile company like airtel/ Vodafone /Idea etc disconnects or limits the service of RBI governor's or prime minister's (or his wife/children/close relative) phone due to nonpayment of bill. Paypal should understand that babus are not aam aadmi and everything free is their birth right.

Premji refused to pay bribe for electric connection from state electric board and ran wipro on generators for 6 months. We need more people like him.

 

The most hilarious post of the thread. LOL
btw, today our finance minister is going to announce common budget for 2011-12. Any hope regarding online businesses?

 

Would this working be advisable?

Suppose I buy a US/UK verified Paypal account and use it for the daily us and transaction money. And then send the money which I want to withdraw to my Indian paypal account. Will this make Paypal suspicious or something>

 

I just got unlimited hosting account for one year and funded some bucks into Namecheap to buy domains in future.
this will help till i get CC.

@VZ3000
Good 1

 

will be risky

 

Good idea but you must need to have CC.

 

if that account is limited you may land up in loosing all money. Bettet you can try to look option of setup a business entity with any trustable friends in us/uk and use that for a paypal account

 

What happens if one doesn't have a bank account attached ? will it be automatically withdrawn via cheque ?

 

Never heard of paypal sending cheque.....

 

Paypal India does offer withdrawals via cheque.

 

Hello,

I have some $ 900 available in my PayPal account.

Is it mandatory that today I should withdraw the money to my bank account as PayPal's new rule is coming into existence tomorrow?

Am awaiting for the feedback friends!

Please help me as I do not want to lose my hard earned money.

Thanks in advance

 

My suggestion is to withdraw ALL YOUR MONEY right now!

Paypal India is almost dead now.

 

You still can use it to receive payments and send payments via CC.

I simply don't understand 'why paypal is dead' .. please elaborate!

 

Stop "PayPal is Dead" thing, it's just that it is going to be more tougher for freelancers. PayPal is still going to work smoothly and the government will enjoy more taxes.

 

I don't have issues with CC. I don't like the 7 day automatic Paypal to bank withdrawal scheme.

 

Paypal India dead?

You must be joking. Though credit card is not that easy to acquire here, it is not that hard either especially in metros. The downside of the new policies is that you cannot use your existing balance to make payments, which would be costly in the long run due to the circuitous route to be followed. You first need to withdraw to your bank account and then use your cc for making payments. Though it would mean lesser profits as you need to pay the USD to INR conversion charges while withdrawing and same charges when making payments.

Like it or not, paypal is one of the most used payment processes online. If you want to sell anything, or offer any services, it is the best form of payment. Atleast for now. Unless some other payment processor comes up which is equally reliable, there is no other option

 

Where u sleeping all this time dude?

 

after march 1 it will be compulsory to withdraw all money within 7 days. so you need to withdraw but not necessory today itself.

LOL paypal is not going to take your money if you not withdraw. They may make autowithdraw or cheque issue to the users.

 

Would PayPal send another notification about "Policy Updates" again by today or tomorrow ??

 

Can anyone tell me if i can pay using my debit card or credig card if not paypal. I have an ICICI debit card will it work with namecheap or some other hosting providers?