haridada
Senior Member
- Oct 9, 2008
- 1,000
- 385
Yes, that's the worst thing. You cant buy any product or service with the amount you receive by paypal. You have to use your debit card or credit card to pay for it.
"PP" Screw You India
- Thread starter seosutra
- Start date
Yes, that's the worst thing. You cant buy any product or service with the amount you receive by paypal. You have to use your debit card or credit card to pay for it.
- Jul 24, 2009
- 3,390
- 1,288
stop copying shit from other forums and pasting here.
- Jul 24, 2009
- 3,390
- 1,288
It is not that paypal told us to withdraw within 7 days it is RBI who instructed paypal to follow these rules but that doesn't mean paypal will go liberal on their policies to limit accounts. and do you have any facts where it shows paypal earns 70% of money from interest or something? any link would be appreciated.
ronnie1984
Regular Member
- Jan 4, 2009
- 367
- 68
I forgot about this , $ 500 is roughly 22500 INR where as the RBI states that transactions over 50000 INR needs to be accompanied by a pan card . I cannot grt the equation to fit.
thegladiator
Regular Member
- Aug 24, 2009
- 298
- 128
Hey BHW'ers,
Now no need to curse Indian government and support our all loved(who mostly fuks us) PayPal without knowing the real reason.
PayPal always tries to act smart and plays with rules to get what it wants and all it wants is to evade taxes. Along with this it also does not wants to report about its transactions to any Government. For these reasons PayPal, which is actually a virtual bank or something more than that, does not want to be called as a bank for Indian account holders/customers.
Rules of RBI are static since 1995 and a minor amendment change in 2004. So there is nothing that is wrong from RBI's side.
RBI rules says:
1) No money processing company can hold money of any individual or company for more than 7 days. Only a bank can do so and that also for account holders.
2) Any transaction of more than $500 (in case of foreign currency) should be reported to RBI by the financial institution.
If PayPal accepts to be a bank and follow it's rules, it will need to make correction in processing charges as per decided by RBI laws laid for all the banks. These processing charges are much lesser than what PayPal currently charges us.
If PayPal follow the rules, it cannot close/temporary ban any Indian's account as a bank cannot do so without any specific reason reported to the account holder.(then PayPal cant fuk us by holding our hard-earned or smart-earned money for six months)
As far as having CC is concerned, if your are earning through IM then you might have sufficient cash to open an H D F C account. Just do it and maintain a balance of $1000 for a month and there are good chances of you getting the CC within a month if you apply.
Remember PayPal isn't saint and RBI is devil. See the Grey in between.
People I know we are frustrated by our Government and so we start blaming them for whatever reason we get, but let me tell you that it was Dr. Manmohan Singh our Prime Minister who is responsible for Liberalization and Industrialization in India.
Now no need to curse Indian government and support our all loved(who mostly fuks us) PayPal without knowing the real reason.
PayPal always tries to act smart and plays with rules to get what it wants and all it wants is to evade taxes
. Along with this it also does not wants to report about its transactions to any Government. For these reasons PayPal, which is actually a virtual bank or something more than that, does not want to be called as a bank for Indian account holders/customers.Rules of RBI are static since 1995 and a minor amendment change in 2004. So there is nothing that is wrong from RBI's side.
RBI rules says:
1) No money processing company can hold money of any individual or company for more than 7 days. Only a bank can do so and that also for account holders.
2) Any transaction of more than $500 (in case of foreign currency) should be reported to RBI by the financial institution.
If PayPal accepts to be a bank and follow it's rules, it will need to make correction in processing charges as per decided by RBI laws laid for all the banks. These processing charges are much lesser than what PayPal currently charges us.
If PayPal follow the rules, it cannot close/temporary ban any Indian's account as a bank cannot do so without any specific reason reported to the account holder.(then PayPal cant fuk us by holding our hard-earned or smart-earned money for six months)
As far as having CC is concerned, if your are earning through IM then you might have sufficient cash to open an H D F C account. Just do it and maintain a balance of $1000 for a month and there are good chances of you getting the CC within a month if you apply.
Remember PayPal isn't saint and RBI is devil. See the Grey in between.
People I know we are frustrated by our Government and so we start blaming them for whatever reason we get, but let me tell you that it was Dr. Manmohan Singh our Prime Minister who is responsible for Liberalization and Industrialization in India.
D
Deleted member 17472
Guest
Hey BHW'ers,
Now no need to curse Indian government and support our all loved(who mostly fuks us) PayPal without knowing the real reason.
PayPal always tries to act smart and plays with rules to get what it wants and all it wants is to evade taxes
Rules of RBI are static since 1995 and a minor amendment change in 2004. So there is nothing that is wrong from RBI's side.
RBI rules says:
1) No money processing company can hold money of any individual or company for more than 7 days. Only a bank can do so and that also for account holders.
2) Any transaction of more than $500 (in case of foreign currency) should be reported to RBI by the financial institution.
If PayPal accepts to be a bank and follow it's rules, it will need to make correction in processing charges as per decided by RBI laws laid for all the banks. These processing charges are much lesser than what PayPal currently charges us.
If PayPal follow the rules, it cannot close/temporary ban any Indian's account as a bank cannot do so without any specific reason reported to the account holder.(then PayPal cant fuk us by holding our hard-earned or smart-earned money for six months)
As far as having CC is concerned, if your are earning through IM then you might have sufficient cash to open an H D F C account. Just do it and maintain a balance of $1000 for a month and there are good chances of you getting the CC within a month if you apply.
Remember PayPal isn't saint and RBI is devil. See the Grey in between.
People I know we are frustrated by our Government and so we start blaming them for whatever reason we get, but let me tell you that it was Dr. Manmohan Singh our Prime Minister who is responsible for Liberalization and Industrialization in India.
Can you tell me any industry setup done by Dr. Manmohan Singh? I do not think congress doing anything for this country. They openly looting public money and store in various banks in all over the world.
thegladiator
Regular Member
- Aug 24, 2009
- 298
- 128
@mrxinbollywood
Dear BHWer,
Do you know that in India during Post-Independence period, one was demanded to pay 97% of is income as income tax.
This policy was adopted to flourish India and at that point of time corruption was not there as all politicians were freedom fighters.
It was Dr.Manmohan Singh who corrected the Income Tax policies and reduced the percentage to 35% maximum. Now ask yourself is this not a great achievement.
In 1991 when Dr. Manmohan Singh was finance minister, he introducded liberalization policy, which allowed MNC's to enter India and start thier business. The reason due to which you are able to drive superb cars and enjoy air-conditioners and various other amenities of good quality manufactured by foreign companies is the liberalization policy introduced by the great man.
Reduction in Unemployment percentage was due to MNC's offering jobs which was the result of liberalization policy.
He also introduced a policy in which an NRI or a person working in abroad can send money to India without any taxation. This means that if any Indian is working in any foreign country and send any amount to his family in India, he will not be charged any taxes for it.
This brought a huge amount o foreign exchange resulting in $ rate being Rs47 from Rs51
Congress is just trying to correct those things that BJP messed up. I know there are corrupt leaders in congress too, but not all are so. Most of the supporting party of congress owns the corrupt politicians.
For e.g 2G scam was caused due to the policies laid by Telecoms Minister of BJP Govt.
Now no need to whine about congress or Dr. Manmohan Singh doing nothing, but now I guess all the Indian Internet Marketers should file a case asking for tax evasion as any other means which bring in foreign exchange is allowed to do so.
Any person exporting goods from India gets subsidy and if I am not wrong he also gets Tax evasion. Same goes for NRI people. Now think of it, we are also bringing foreign exchange to India, so why not we also get tax evasion.
Think of it and we all Indian Internet Marketers can make huge difference.
(All BHWers sorry for the long speech pals )
Dear BHWer,
Do you know that in India during Post-Independence period, one was demanded to pay 97% of is income as income tax.
This policy was adopted to flourish India and at that point of time corruption was not there as all politicians were freedom fighters.
It was Dr.Manmohan Singh who corrected the Income Tax policies and reduced the percentage to 35% maximum. Now ask yourself is this not a great achievement.
In 1991 when Dr. Manmohan Singh was finance minister, he introducded liberalization policy, which allowed MNC's to enter India and start thier business. The reason due to which you are able to drive superb cars and enjoy air-conditioners and various other amenities of good quality manufactured by foreign companies is the liberalization policy introduced by the great man.
Reduction in Unemployment percentage was due to MNC's offering jobs which was the result of liberalization policy.
He also introduced a policy in which an NRI or a person working in abroad can send money to India without any taxation. This means that if any Indian is working in any foreign country and send any amount to his family in India, he will not be charged any taxes for it.
This brought a huge amount o foreign exchange resulting in $ rate being Rs47 from Rs51
Congress is just trying to correct those things that BJP messed up. I know there are corrupt leaders in congress too, but not all are so. Most of the supporting party of congress owns the corrupt politicians.
For e.g 2G scam was caused due to the policies laid by Telecoms Minister of BJP Govt.
Now no need to whine about congress or Dr. Manmohan Singh doing nothing, but now I guess all the Indian Internet Marketers should file a case asking for tax evasion as any other means which bring in foreign exchange is allowed to do so.
Any person exporting goods from India gets subsidy and if I am not wrong he also gets Tax evasion. Same goes for NRI people. Now think of it, we are also bringing foreign exchange to India, so why not we also get tax evasion.
Think of it and we all Indian Internet Marketers can make huge difference.
(All BHWers sorry for the long speech pals
)marcus.watts
Junior Member
- Sep 18, 2010
- 141
- 30
As some said, fact is :
As per the RBI rules, any organization preserving money of their clients for more then 7 days has to follow the BANK'S rules. Which also includes paying interest towards the capital.
Now gaypal, obviously does not want to pay any interest. Also, does not want to be regulated by RBI.
A quick note - These rules exist since 2004. Nothing new.
As per the RBI rules, any organization preserving money of their clients for more then 7 days has to follow the BANK'S rules. Which also includes paying interest towards the capital.
Now gaypal, obviously does not want to pay any interest. Also, does not want to be regulated by RBI.
A quick note - These rules exist since 2004. Nothing new.
Monrox
Power Member
- Apr 9, 2010
- 617
- 588
That is true of course but PP's business model is based exactly on NOT being a bank. If they were just the next bank, a money transfer would cost a lot more and take several days or sometims weeks instead of 5 seconds. That's the reason its users don't want it to be a bank too, even if some of them are not realizing this. By disrupting PP a government can hope to rake in more money because the said bank fees are calculated with a profit which is also taxable. It is strange that more governments are not doing this.
Paypal is not allowed to pay interest because they are not a bank and there are laws in place that forbid usury. If I think my funds are better off generating interest I will move them to a bank. It's about having two alternatives, expensive transfers (useful for a few large payments) or no interest (useful for multiple small payments).
What you do with the money afterwards is up to you. Personally I don't find an annual interest of 2% - 3% attractive because the inflation is almost always at least 3 times higher and the profits are taxable on top of that. Immediately buying needed goods or gold with the proceeds has never disappointed me so far but everyone should decide for themselves how to best preserve the value of a just made profit.
I am not saying that this new rule is good btw because those who are enforcing it are having an agenda of their own. What I am saying is that leaving funds dormant in a PP account is not a wise economical decision with or without forcing you not to do it.
cashmaster
Junior Member
- Dec 25, 2010
- 146
- 17
this is a policy formulated by RBI back in the 2004. Congress has nothing to do with it. and if you need to blame it on someone blame it on paypal. Most people are blaming the RBI and the indian authorities, when the one to be actually blames is Paypal.
1) There is no actually limit to payments send to india. The $500 per transaction limit is for unregulated transaction. For above $500, the transaction has to be regulated. And paypal does not want to be regulated by any governments.
2) There is no 7 days limit. If we keep the money in the paypal account for more than 7 days, paypal has to pay us interest to us, which they have no intention of doing. Also, then they have to function like a bank like ICICI and SBI with strict rules.
F1ftyf1ver
Newbie
- Jan 28, 2011
- 15
- 0
Tunisia -> Egypt -> India?
I see government change anytime soon
Don't get them to oppress you!
I am not surprised that China - country that was 6-7 years on same level as India is now 3x bigger economy. And thats with communism!
Make your company's grow and when time is right simply move to Singapore or similar business friendly place. Don't pay taxes that will sponsor this greedy idiots! Register your business somewhere else, open business account and accept money there! Plus tax free
HATS OFF.
Second it >> do not pay taxes for "ghotallas"
F1ftyf1ver
Newbie
- Jan 28, 2011
- 15
- 0
fuck you paypal.... you earn less from US account holders and pocket full from outside countries (4.5% + Forex)
Hip Hip Hurray HurRay. I am taking rest from life.
Hip Hip Hurray HurRay. I am taking rest from life.
F1ftyf1ver
Newbie
- Jan 28, 2011
- 15
- 0
Move to nepal.