Hi, Just received the following email: ------------------------------------------- As per RBI mandate, your HDFC Bank Credit Card will now have a limit for all International transactions done on International merchant outlets, international ATMs and International shopping websites. The reduced limit on your card for International usage is Rs10000 Please note this limit set on your card, is a per day limit, applicable on all International transactions. The above limit is separate for you and your add-on cardholder, if any. This limit will be set on your Credit Card between November 08, 2013 to November 30, 2013 and you will get a confirmation via SMS once the limit is effective on your Credit Card. Further, if you need to change this limit set on your card, you can do so by logging into NetBanking (this option will be available only from December 01, 2013) or by alternatively calling our phone banking numbers. ------------------------------------------- Is the RBI playing with indian business men? Last year it blocked us from using paypal funds for purchasing and no payments to indian-indian pp accounts The only way we can buy/pay for our international purchases is through Credit Card Now they want to block that. Wont there be a complete blackout of indian business men from the market? or am i missing something
wtf s this? means now if you want to buy something via Paypal which cost more than 10000 INR (around $160) then you can't pay why RBI release their ridiculous polices every year
Considering the USD is now rs.62, then Rs.10,000 is not even $200 to pay for expenses using paypal. RBI is going nuts. Why not shoot an email direct to new RBI governer Raghuram. I am sure he will understand paypal.
The government's false policy against money laundering and black money is leading this. The Ministry even don't understand the basic needs of Online industry and the amount of money we earn from foreign trades and outsourced works. It's only making freelancers, ecommerce business holders and I.T peoples job tougher nothing else. Still you can create an international bank account from here, and transfer billions and billions of black money, HMMM WTF
This is what it states in SBICards. I not aware of any "retail limit" nor has SBIcards informed me about it. I did a transaction of $25 to Indigogo and it went through without asking for 3D SECURE password. Usually SBICards calls me to verify when I do an international payment but this time they did not call.
IT nation and not respect its digital entrepreneurs. overall not that much of a problem if you only receive money
ok. The limit has been set on my Card to 50k INR today, so i wont be able to buy anything above $800(if the dollar rate remains as per todays) This cant be anymore stupid. I've been making online payments since 9 years and never faced a fraud issue which RBI is worried abt now.
In coming 2014 - I'll open a website where you can open a company in major countries not only that you may have company without any background check (no driving license and all that) and has a limited company. With that you can easily apply on Entropay or Payoneer and you can use there credit card service - you can upload money even if you wanted I may have you a Swiss Bank account per head. Lets see how far RBI Can go.. We can keep our money where NRI Raghuram keeping his... Thanks