New RBI guidelines concerning Paypal

Discussion in 'PayPal' started by mridula46, Sep 16, 2011.

  1. #1
    The new RBI guidelines with regards to overseas payments came into effect yesterday. This means that we cannot receive more than $50 per transaction and the money is to be transferred daily into your Indian account.

    This also means that we shall be charged twice by Paypal, once for receiving and the next for transferring, since Thayer charge for any transfers less than Rs. 8000.

    This must have affected a lot of people here. How are you planning to deal with it? Are there any other alternatives for receiving money. As freelance writer I frequently receive payments less than $50 per day.

    I would love yo hear from others about this
     
    mridula46, Sep 16, 2011 IP
  2. nihangshah

    nihangshah Prominent Member

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    #2
    nihangshah, Sep 16, 2011 IP
  3. TonyMarket

    TonyMarket Active Member

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    #3
    I read rules for no charge now for 8000 one and got email in morning -----

    As communicated earlier this year, we are working to implement RBI’s Guidelines regarding the processing of export-related payments. As a result the following changes will be made to your PayPal account:

    • Effective 26th September 2011, you will not be able to receive overseas payments exceeding US$ 500 per transaction into your PayPal account.

    •Any balance will be auto withdrawn out of your PayPal account daily.

    We understand the impact this may cause to your business and seek your support and understanding as we continue to work together with the RBI. We will keep you updated as our conversations progress.
     
    TonyMarket, Sep 16, 2011 IP
  4. chirag_nn

    chirag_nn Well-Known Member

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    #4
    Yes, it means we lose Rs 50 practically daily especially if we work on short assignments that pay everyday.

    I am not sure but I think the $500 per transaction should not be a problem as we can ask the client to send the amount in installments.
     
    chirag_nn, Sep 16, 2011 IP
  5. johnmacellen

    johnmacellen Member

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    #5
    paypal have closed 50 rs fee, so every thing will be free.
     
    johnmacellen, Sep 16, 2011 IP
  6. chirag_nn

    chirag_nn Well-Known Member

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    #6
    Yes, just confirmed that in PayPal. I don't think anyone should have any issues in this case.
     
    chirag_nn, Sep 16, 2011 IP
  7. MattVit

    MattVit Peon

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    #7
    Why is PayPal/Reserve Bank so cruel to India? I don't understand? Why do they need so many rules? Why can't you just say "Okay, you have earned $200 today, congratulations - do whatever you like with the money, as it's your hard earned money".
     
    MattVit, Sep 16, 2011 IP
  8. moneylover1989

    moneylover1989 Peon

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    #8
    Paypal is doing good job in India , as they support RBI guidelines and no fees now . They get the fees from the dollar to rupess conversion rate .

    Just set auto withdrawal your primary bank in the profile .Then you don't need to login in your Paypal account for withdrawal . :)
    For now , Paypal is best for India. If you want purchase online then link your credit card with Paypal.
     
    moneylover1989, Sep 16, 2011 IP
  9. ronharper

    ronharper Peon

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    #9
    To MattVit, perhaps its the huge base of Indian internet marketers that Paypal can't seem to support without losses on their part. I mean, we know that there are some people out there who possess multiple Paypal accounts so if you let your imagination run wild, you can think up some pretty extravagant abusers.
     
    ronharper, Sep 16, 2011 IP
  10. alexgreatcpa

    alexgreatcpa Well-Known Member Affiliate Manager

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    #10
    They should remove limitation of receiving $500 per transaction, It will limited our business. Big business person would never like part payment.
     
    alexgreatcpa, Sep 18, 2011 IP
  11. expertofexperts

    expertofexperts Active Member

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    #11
    Users like you should get limited account even over DP on basis of flourishing useless news.. Mere 50$ per transaction? Noob head! This might have caused heart attacks to many Indian PP account holders
     
    expertofexperts, Sep 19, 2011 IP
  12. supersenwins

    supersenwins Well-Known Member

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    #12
    Now dont be too hard on him/her. It might be a typo where he might have missed a 0 :) But, yes, it comes to effect from 26 th.
     
    supersenwins, Sep 19, 2011 IP
  13. Jackob2916

    Jackob2916 Peon

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    #13
    All these issues are due to out sourcing to India.....
     
    Jackob2916, Sep 19, 2011 IP
  14. eneroil

    eneroil Peon

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    #14
    Why they have fix this limit to $50 per day?
     
    eneroil, Sep 19, 2011 IP
  15. expertofexperts

    expertofexperts Active Member

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    #15
    You should see all the other replies, things are sorted out and its still 500$ ..
     
    expertofexperts, Sep 19, 2011 IP
  16. Jackob2916

    Jackob2916 Peon

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    #16
    You r right expert of experts all things are discussed in previous replies...
     
    Jackob2916, Sep 20, 2011 IP