This is What I got as a response from RBI. I am confused an shocked :(

Discussion in 'PayPal' started by abhi2554, Feb 2, 2011.

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  1. #1
    Hi Guys,

    You might have seen this thread about the communication to RBI.

    Guys, I have got a response, but this is way worse than what i was thinking of :(


    Can anyone clarify what is actually going on here :(


     
    abhi2554, Feb 2, 2011 IP
  2. MaX.

    MaX. Active Member

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    #2
    What does this mean?
     
    MaX., Feb 2, 2011 IP
  3. abhi2554

    abhi2554 Active Member

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    #3
    We advise that as regards trade transactions, PayPal has been permitted to process trade related transactions up to February 28, 2011 subject to the Authorised Dealer ensuring proper reporting of transactions in the R-returns under appropriate purpose code.

    This means no PayPal. Only for the tax payee.



    Further we have issued A.P.(DIR Series) Circular No.17 dated November 16,2010 advising Authorised Dealer Category –I banks to offer the repatriation of export related remittances by entering into standing arrangement with Online Payment Gateway Service Provider subject to the terms and conditions stipulated therein , which is available on our website : www.rbi.org.in->Notifications->FEMA->A.P.(DIR Series) Circulars.

    This means bank are coming in, but I dunno how, to safeguard us.
     
    abhi2554, Feb 2, 2011 IP
  4. buyandsale

    buyandsale Member

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    #4
    so is this issue is problematic for Indians come on friend we all now having that capacity now cause it is happing from 1 year ...
     
    buyandsale, Feb 2, 2011 IP
  5. olddocks

    olddocks Notable Member

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    #5
    Refer: http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6107&Mode=0

    It says what paypal already said and nothing new about it and there is absolutely no need to be panic:

    "This facility shall only be available for export of goods and services of value not exceeding USD 500 (US Dollar five hundred)."
     
    olddocks, Feb 2, 2011 IP
  6. MaX.

    MaX. Active Member

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    #6
    stupid RBI :mad:
     
    MaX., Feb 3, 2011 IP
  7. theultimate1

    theultimate1 Well-Known Member

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    #7
    yea, idiots of the nth order...
     
    theultimate1, Feb 4, 2011 IP
  8. magicworld11

    magicworld11 Well-Known Member

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    #8
    If paypal will properly provide transaction reports to RBI, RBI may reinstate them. This is a problem from PayPal part.
     
    magicworld11, Feb 4, 2011 IP
  9. funtoosh

    funtoosh Active Member

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    #9
    Yup, paypal is not ready to provide details to RBI and RBI wants to stop money laundering :)
     
    funtoosh, Feb 4, 2011 IP