Important RBI Mandate - Limit on your card

Discussion in 'Payment Processing' started by TheCooldude, Nov 8, 2013.

  1. #1
    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
     
    TheCooldude, Nov 8, 2013 IP
  2. FreeFun4Every1

    FreeFun4Every1 Prominent Member

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    #2
    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 :mad:
    why RBI release their ridiculous polices every year:eek:
     
    FreeFun4Every1, Nov 8, 2013 IP
  3. olddocks

    olddocks Notable Member

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    #3
    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.
     
    olddocks, Nov 12, 2013 IP
  4. sarah_23

    sarah_23 Active Member

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    #4
    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
     
    sarah_23, Nov 12, 2013 IP
  5. rajanurs

    rajanurs Well-Known Member

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    #5
    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.
     
    rajanurs, Nov 14, 2013 IP
  6. rajanurs

    rajanurs Well-Known Member

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    #6
    Dude, looks like that is a default limit set which can be increased by request
     
    rajanurs, Nov 14, 2013 IP
  7. rajin

    rajin Well-Known Member

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    #7
    IT nation and not respect its digital entrepreneurs. overall not that much of a problem if you only receive money
     
    rajin, Nov 17, 2013 IP
  8. TheCooldude

    TheCooldude Notable Member

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    #8
    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.
     
    TheCooldude, Nov 27, 2013 IP
  9. rohit09

    rohit09 Well-Known Member

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    #9
    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
     
    rohit09, Nov 30, 2013 IP
  10. sarah_23

    sarah_23 Active Member

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    #10
    Too Good to be True, but i'll be the first one to apply in that case.
     
    sarah_23, Nov 30, 2013 IP