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Wow now we Indians can't user Paypal balance to purchase iteams onlline wtf?

Discussion in 'Business & Tax Advice' started by dheer, Apr 9, 2010.

  1. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    Got this email from Paypal:-

    In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:

    ? Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.

    ? While making the withdrawal please make sure you select the purpose code that best fits your business.

    ? Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.

    ? If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.

    What the hell fucking Indian regularities wants? Are these rules imposed by US regularities on US paypal users? Do Indian Govt wants us not work online? what the hell they wants?

    We can't use the balance to pay and we need to withdraw amount within 30 days time frame. More news coming soon my Indian guys.. just wait and watch what these fucking Indian politicians impose on us.
     
  2. jamesrocky

    jamesrocky Registered Member

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    yes I saw that. But I never sell any goods. But still very bad for future. They are killing their business bcoz of RBI
     
  3. dheer

    dheer Jr. VIP Jr. VIP Premium Member

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    @ jamesrocky Read it carefully dude. it is not only for goods but also for money earned by services

    • Any proceeds or earnings received into your PayPal account from the export of goods and ***services*** may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.
     
  4. yuvraj

    yuvraj Regular Member

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    Wtf indian govt. wants to do..they are spoiling our IM business ..
     
  5. Superpower

    Superpower Regular Member

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    Yes just seen the mail.May be they want us to spend the money only in our country.But in one way its good but for those doing IM this will be a major problem.
     
  6. sandesh_007

    sandesh_007 Regular Member

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    What if we fail to withdraw within 30 days? Does it mean that we need regularly withdraw money irrespective of the transfer rate?

    For example if i get $100 on 1st of April then i need to withdraw it by 30 April.

    and if i get the $200....I need to withdraw that by 1st of May?

    I am little bit confused about this rule?

    can anyone explore it?

    .
     
  7. romil2009

    romil2009 Regular Member

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    thats a major setback for all indians like us who are actively doing internet based purchases. i am puzzled what the hell RBI wants to show?
     
  8. aemc310

    aemc310 Regular Member

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    Yeah I just read the email.. This is fucking insane:angryfire How can this be possible to withdraw all money on every 30th.. We have to make many payments and purchases, and I know many people who don't have CC. So, they can't even make any purchase?? Its going to kill our business.
     
  9. BigBuddy

    BigBuddy Account Under Review

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    I think, amount received in paypal other than our country, should be withdrawn within 30 days. Only those money should not be used for making purchase online.

    If we receive money in Paypal from our fellow indians, then we can use it to make the online purchases.

    I understood like this. Correct me if i am wrong.

    Further if i don't have any credit card, what can i do then?
     
  10. aemc310

    aemc310 Regular Member

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    ya thats right.. But most payments aren't from India.
     
  11. ronnie1984

    ronnie1984 Regular Member

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    How come I did,nt get the mail
     
  12. ramzshine

    ramzshine Newbie

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    not received any mail from paypal....
     
  13. blackfalcon

    blackfalcon Newbie

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    this is the result of incompetency from RBI and the Indian regulators and we have to pay the price for it. I have closed all my credit cards(even the one that was attached to my paypal account) and now wondering how i am going to pay for my hosting and other things in the future.
     
  14. TheMatrix

    TheMatrix BANNED BANNED

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    Ok Guys, I mail PP about the issue and got this reply.

    And then this:

    Seems like a big phishing attempt.
     
  15. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    i am not indian but don't like paypal either. i do conduct a lot of business with indians though. is there a good alternative that we can promote amongst internet marketing people? like epassporte or something?
     
  16. seanjohn

    seanjohn Regular Member

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    I guess PTC becomes more and more logical everyday :D
     
  17. RamChaturvedi

    RamChaturvedi Supreme Member

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    PayPal always send email in the name of the PayPal account holder and the email is also from paypal. So i dont think its an example of phishing as i got the mail in my name!!!
     
  18. jetiz

    jetiz Junior Member

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    nothing is as popular as paypal in india.
    man we dont have any alternative as goog as paypal
     
  19. ianbong

    ianbong Newbie

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    Dude, why don't you all try Moneybookers? Sure as hell ten times better than PayPal. I trust these guys with my money.

    They support almost every country on earth and you can withdraw funds easily too. Too bad not many people use Moneybookers - something I don't understand, considering how easy they are to sign up, fund account and best of all, their customer support is top notch!

    We all know how PayPal likes to take account holders' inquiries and shove them up their ass*s.
     
  20. nothingnothing

    nothingnothing Jr. VIP Jr. VIP Premium Member

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    I am also wondering the same thing. Why anyone would send a phishing e-mail with no link to his site? ( there is no link to any site in the e-mail).