"PP" Screw You India
- Thread starter seosutra
- Start date
You cant buy anything via Paypal too 
You JUST CAN WITHDRAW your money to your bank not exceedingly 500 USD
I am voting down congress in the next elections
You JUST CAN WITHDRAW your money to your bank not exceedingly 500 USD
I am voting down congress in the next elections
redstone.1337
BANNED
- Dec 30, 2009
- 1,258
- 1,000
RBI saw Paypal as a medium where Indians can store huge bucks without reporting to the Income Tax Department just like Swiss Banks. So they are forcing us to get all the money to our bank account so that government gets the knowledge of our holdings. Looks like a very bad step. They already ask for PAN while registration and it is mandatory. So, Paypal could have directly reported all of our transaction to the IT Dept with our PAN but I don't know why the heck they aren't using this way to get all the information.
If Indian Govt was so serious they could have made an arrangement with Paypal that the Verified Accounts with all the documents submitted in advance with all the proofs can carry on as much of transaction they want and Paypal would report all about the transactions to the IT Dept and the ones without all those documents submitted will be limited to a certain amount of transaction. The current way of verifying accounts can be easily be passed with a fake PAN (just look the format described on IT dept's website and make up a fake one) and a VCC, so its a lot insecure. Also this would prevent the scams people do using Paypal.
But the step RBI has taken is simply so foolish. Limiting everyone is stupid. Anyways, we can't really do anything. It would be better to withdraw all money to your bank account and then use VCC for online payment. Many banks like Kotak Bank, HDFC, etc provide the facility of VCC which you can use in place of CC and a lot more secure as a VCC can be used once so even if someone gets hold of it, he won't be able to use it once you have used it earlier. Also, while creating VCCs you can limit the amount that can be paid with that VCC. The money paid using VCCs are directly cut from your bank balance. I am myself getting my own Bank account in March once I turn 18.
I hope RBI does something about this. Complaining about the corrupt ministers with billions in Swiss bank isn't going to help us.
If Indian Govt was so serious they could have made an arrangement with Paypal that the Verified Accounts with all the documents submitted in advance with all the proofs can carry on as much of transaction they want and Paypal would report all about the transactions to the IT Dept and the ones without all those documents submitted will be limited to a certain amount of transaction. The current way of verifying accounts can be easily be passed with a fake PAN (just look the format described on IT dept's website and make up a fake one) and a VCC, so its a lot insecure. Also this would prevent the scams people do using Paypal.
But the step RBI has taken is simply so foolish. Limiting everyone is stupid. Anyways, we can't really do anything. It would be better to withdraw all money to your bank account and then use VCC for online payment. Many banks like Kotak Bank, HDFC, etc provide the facility of VCC which you can use in place of CC and a lot more secure as a VCC can be used once so even if someone gets hold of it, he won't be able to use it once you have used it earlier. Also, while creating VCCs you can limit the amount that can be paid with that VCC. The money paid using VCCs are directly cut from your bank balance. I am myself getting my own Bank account in March once I turn 18.
I hope RBI does something about this. Complaining about the corrupt ministers with billions in Swiss bank isn't going to help us.
RBI CBI and TRAI always sucks and they will hear to what the Ruling Minister says..
Unfortunate and foolish way to get things on hold..
India is the only country in the world to have 12 times restriction over Western Union !!
Unfortunate and foolish way to get things on hold..
India is the only country in the world to have 12 times restriction over Western Union !!
seoguru13
Senior Member
- Jan 9, 2011
- 1,076
- 698
The Indian Govt, RBI are a bunch of fools, living in fool's paradise! As someone pointed about the trillions of dollars in swiss banks, all they try to do is target smaller service providers, trying to prove to everyone they are doing a fine job.
They can do nothing about havala, but have to stop Western union. They can do nothing about the swiss banks and hence target paypal. I never voted in my life for the congress, and this time around I might for any donkey on the other side!
They can do nothing about havala, but have to stop Western union. They can do nothing about the swiss banks and hence target paypal. I never voted in my life for the congress, and this time around I might for any donkey on the other side!
This is because after several scams the PM got scared that they gonna lose in the next election so they launched a anti-scam drive and just to show the country that they are taking actions they have targetted innocent people who are EARNING money and not stealing from the nation... they already had our PAN information in Paypal then this step was pointless..
Monrox
Power Member
- Apr 9, 2010
- 617
- 588
I never knew that thing existed and I already like it. Seems you have a great alternative, use it.
More than Half of the money transaction to India Reaches via Hawala.
The black money turns safe with Swiss Bank.. Thats exactly because of Hawala..
Lala lala lalaaaa..
The black money turns safe with Swiss Bank.. Thats exactly because of Hawala..
Lala lala lalaaaa..
worldpeace1988
Newbie
- Feb 15, 2009
- 42
- 4
Fuckin congress .....bunch of MF's ruling the country......did nothing even after 60 years ruling.....Our PM never made a gutfull statement till now....he hardly speaks i guess...now unfortunately its better to have a swiss bank account without any tax worries with indian govt support instead of legally paying tax with a indian bank account....hate congress.....
redstone.1337
BANNED
- Dec 30, 2009
- 1,258
- 1,000
There's no use expressing your anger. Switching to MB or Alertpay won't solve out everything. The thing that worries me is the receiving limit of 500$. Paypal is dominating the market and we can't use MB or Alertpay everywhere as most of users are with Paypal! Will an online petition help us?
haridada
Senior Member
- Oct 9, 2008
- 1,000
- 385
Might as well try it out.
uditbhansali
Regular Member
- Aug 16, 2010
- 488
- 292
Indian Government and PayPal Both are losers...
Bloody MOTHER******S. Feel like killing them.....
It was very disappointing...
Bloody MOTHER******S. Feel like killing them.....
It was very disappointing...
cashmaster
Junior Member
- Dec 25, 2010
- 146
- 17
you are wrong. the RBI policies have been around since 2004. the fact that there is a 7 days restriction is that if paypal holds the money more than 7 days, they have to pay the interest to us, and should function like a bank with strict rules. as for the $500 limit, anything over $500 cashflow to india needs to be regulated. and paypal do not need that to happen. hence these stupid excuses. never blame someone without having the facts
virtualc08
Supreme Member
- Mar 23, 2010
- 1,380
- 959
This is so bad now . Here is the FAQ from paypals website :
Frequently Asked Questions:
Q: Why will PayPal not allow me to receive more than US$500?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: Why will PayPal not allow me to keep money in my PayPal balance?
Starting 1 March, 2011, PayPal customers in India will not be able to keep money in their PayPal account balance. Instead, all money received into a PayPal account must be transferred to a customer's India bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: Will my customers be able to complete their checkout with their PayPal account balance?
We're glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: The customers on my website are not able to complete purchase or pay via PayPal. Why?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. If you are listing products greater than US$500 per transaction then you may need to seek alternative methods of payment. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: What is meant by receipt of confirmation from the buyer in respect of goods and services?
As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account.
Frequently Asked Questions:
Q: Why will PayPal not allow me to receive more than US$500?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: Why will PayPal not allow me to keep money in my PayPal balance?
Starting 1 March, 2011, PayPal customers in India will not be able to keep money in their PayPal account balance. Instead, all money received into a PayPal account must be transferred to a customer's India bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: Will my customers be able to complete their checkout with their PayPal account balance?
We're glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: The customers on my website are not able to complete purchase or pay via PayPal. Why?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. If you are listing products greater than US$500 per transaction then you may need to seek alternative methods of payment. This change is to ensure that we continue to comply with the RBI Guidelines.
Q: What is meant by receipt of confirmation from the buyer in respect of goods and services?
As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account.