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

So does anyone can give a guarantee that RBI will not stop Credit Card transactions internationally.. I guess "No"
This getting more ridiculous..
What if we get our credit cards somehow and after one month RBI says "NOT ALLOWED"..??? What the Hell...??

 

Now my paypal account asking for credit card....Damn

 

we have to accept that we being small or medium business owners has no space in India , thats why most of the talent runs to western countries. We should also accept that we should give taxes to them for taking to swiss banks and doing 1000's of crores of scams, but they want more. they are more greedy. they are real bas**rds

 

Why its asking...??
Have you done anything or are their any changes...??

 

We dont received money in my paypal account. I withdraw money from getgoodlinks but they are not able to send money in India this time.

 

how much amount u withdraw from getgoodlinks ?

 

simple use liberty I think

 

Hi chandan123,

I withdraw $500 form GGL.

 

someone suggested here $499 is safe side.

 

Yep 499 is safer side..

 

There's no restriction for this month. I withdrew $1000 days back and it came to be in a day or two.

 

Hi ifreakz,

problem is not in withdraw problem is in sending money.

Thanks,
Gagan

 

Use Xoom is a good option. But limited number of countries are available. Else the person can create a paypal button and receive $499 from you in batches.
Or else Western Union.

But the best solution would be to have a US Bank account, i wish to know if we can create a US Acc sitting in india without SSN

 

Any hope that this issue would get solved ?

 

Most likely it won't be solved. Since it's not any system bug or issue, it's a law.

I found about NRO account of HDFC with which you can have a US Bank Account very easily, just needs a work permit etc.
check here :

 

I think the effect of the RBI regulation has not yet sink in with the internet entrepreneurs in India because there is not much of a protest both online and offline regarding this issue.

On one side RBI is restricting options in which we can make money in internet.

On the other side it is forcing us to use credit cards. If we have filed IT returns then it is within our fundamental right to spend our money in the way we want. I don't think RBI has right to force us to get credit from banks to spend online. RBI is clearly violating our fundamental rights, why should I beg for credits when I have my money.

For some here using Credit Card might look like a easy solution hence they speak in support of RBI, trust me it has lot of disadvantages particularly if you want to grow your online business. For those who are content with small money they make now the new restrictions won't affect them much.

As somebody mentioned here only offline demonstration can bring a solution to this issue. As I am in Chennai, I am ready for a sit inn in from of our RBI office in Chennai.

 

Someone named Farooq wrote the following at the comments section of the PayPal blog

Hi Guys,
Just got an update from paypal..Unfortunately the client wont be able to break the amount and send it as multiple payment..Like for example if the amount exceeds more than $500..then you will only get $500..the remaining amount will be paid next month.Which mean only $500 limit per month.Welcome to the new nightmare guys


Does any one in DP have any update? If Farooq is right, then the alternative of splitting the fund stands void.

 

RBI is squeezing the indians. The reason why they want to use credit card and not other methods is because "RBI want to hold the vast foreign currency reserves intact", which is why you are not even allowd to send money abroad in foreign currency like western union, paypal, etc.. Go to any bank and ask them how to send money in USD abroad and you will be asked loads of questions...which is truly shocking in India. RBI and indian financialists are so worried about enjoying currency reserves and totally forgetting the financial freedom of indians. Take a look at other countries, outside, there you can freely receive and send money without any issues.

RBI have no right forcing indians to use credit card because it should be at our discretion. Imagine the huge interest rates in cc transaction and credit card companies will vastly benefit form this move.

Such stringent laws has to go in our country. I am sorry to say that even after 54 yrs of independence we Indians still havent got financial freedom and our hands are still tied. I am one disappointed Indian!

 

OH MY GOOGLE!
are you kidding us? I haven't received any notification as such!
if this happens, I will close my online marketing business

 

I have just asked paypal to clarify if the limit of USD 500 is per transaction (as they have mentioned in the mail) or something like per day or per month. Lets wait for their reply.