I agree, that google cant provide EFT and WU. Paying via WU is strictly no-no with RBI terms, you can use it only to send urgent money (gift) to your related and loved ones (also there is a limit sending this Gift .. $2500 or $1500 I guess << some one please confirm if I am wrong). And for NEFT, RBI will never let you do N-EFT transactions which are in foreign currency. As google accounts is in $, they can't send EFT or NEFT. They have to start all their accounts in INR for Indian Publishers to pay them via EFT and also limit the withdrawal amount to something around INR 99,xxx a year (that is not in taxable income for Male, for female INR 149,xxx [some one Plz confirm the female amount]). The same problem is faced by PayPal, they can't pay in EFT to Indian account holders. In many cases the earning amount is more than the non-taxable income. So they can't pay you in EFT. Note: Moneybookers can pay Indians in via EFT, charge was INR 90 when I used. They have all Indian accounts in INR value (convert $ to INR) and the withdrawal amount was limited to something around INR 90,000 (Not sure about the current one). To withdraw more you have to add more funding sources like Credit Card. Adding credit card means that you already have a credit to some financial institution and that shows that you maintain all IT records. [IT= income tax] So virtually it is too tough for Google to start EFT (not impossible though). What they can do asap is that those publishers who has some Credit Card or Debit card attached to their accounts, they can directly withdraw money to their cards. All liabilities are taken by the card provider institution (bank) and some company like Visa, Master Card, AM Ex etc. For visa this transfer is called Visa Power Transfer probably. FYI PayPal recently started this withdrawl method. If i am wrong in anywhere, someone please correct.
Blogo, great info. I appreciate it. N-EFT is in Rupees. It is National Electronic Fund Transfer and submitted to RBI for approval for transfer the money. I think it is a waste of time, because if your relatives are in Kanyakumari, then they can put the money in their bank in Kanyakumari and you can withdraw the money in Jammu-Kashmir from ATM. I just verified with MoneyBookers by requesting a postal mail. Got the mail within 10 days from Britain. Now MoneyBookers shows "Your outgoing transaction limit - 1,94,227.10 INR (Any 90 day periods). Blogo, many Indian publishers dont have credit cards. If any one have any type of cards, mostly will be ATM or Debit Cards. So if this card deposit system google implements, only benefits those who have Credit cards. I again wish to repeat, EFT will be available soon!!!!!
Why would Google help India... In fact they just love india... But there just aren't enough premium adsense publisher here to start EFT, regulations not withstanding. One more thing, EFT is still in a nascent stage, even for domestic currency transaction, leave aside foreign currency... Not every bank provides Inter Bank transfer, and the few that does, not every body knows or uses it blah blah..... And anyways, I like seeing the check
VVTV 1,94,227.10 is outgoing transaction limit in 3 months which limits you to INR 64742.33 a month. This is your transaction limit. Check again about your total withdrawal limit. I am sure it is within tax-able limit. Indian IT dept. is very strange and everything they have is very very complicated. They really do some strange stuff, though they all know that there are thousands legal ways to go beyond their rules. for eg. - You get 1.2 lakh a financial year. You showed 20k as medical or some investment or some bla bla stuff (I am no tax consultant), your liability goes back to 1 lakh and you have to pay no tax (for male). Also vvtv the ATM withdrawal part you have said, it is responsibility of your financial institution and the card provider company (VISA/Master Card etc.), not RBI. Remember these days all interbank transfers are free/small fee and instant (for internet transaction). It is also true that many indian customers have no CC, they have to provide some debit card which allows online Power Transfer. NEFT is still tough for google, but not impossible though if they have their company registered in India (I guess they have that already) and pay from their offices. They have to show all stats/statements in INR I think. @ Blogspotter >> EFT surely is faster, cost effective and less workload for all (they + Us). There are many premium publishers in India. you know Indians are called internet mafia some times (not in India, outside of India). Many of them earn thousands. So EFT is too good for them. If i am wrong in anywhere, someone please correct.