WTF Paypal does autowithdraw.!

penpal6 said:

How much do you charge for local transfer in India? I don't see any such option while logged in to my Payoneer account.

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To,

The Nodal Officer,
Reserve Bank of India

Dear Sir,

My name is Surya Kiran Ganti and I run a business dealing in content development and website promotion, using the internet as a medium of operation. We have several clients from around the world our primary source of income is in US dollars, arising from transactions via bank wires and paypal.

I would like to bring to your attention, the troubles we are facing as a growing SME due to continuous changes in the RBI?s regulations in regards with funds received via paypal. While I understand the importance of regulations, as they would reduce the growth of unaccounted income, most of the regulations that RBI has imposed on paypal are plainly archaic, lopsided and severely detrimental to the growth of SME?s like mine operating out of India.

1. Indian businesses cannot use funds available in paypal or any other processor, for purchasing services from vendors around the world: The only solution we have is to pay via credit cards, and you would be aware that we pay at least 5% extra in the dollar rate charged by credit card transactions. For a SME with a turnover of about Rs 1 crore, this can be a huge loss for no evident reason.
2. Indian businesses cannot sell services with a value more than $500: This has to be the most atrocious and bizarre regulation! There are several services that we offer, which are higher than the regulated $500 and we are forced to request our clients to make multiple payments. I would request you to raise this limit to at least $2000 per transaction, as several service providers like us are affected by this atrocious regulation. While some of our larger clients do make payments via SWIFT, paypal seems most friendly for several clients. We are losing business, reputation and depicting a very poor picture of the state of affairs in our country, thanks to this archaic regulation.
3. Indian businesses cannot store funds in their paypal account and need to withdraw the same EVERYDAY: Another gross violation of the rights I have as a business owner. While I can open bank accounts in India, and hold my funds in foreign currency, I do not understand, why I must have the liberty to choose when I withdraw funds into my account in the case of paypal receipts.

These are some of the many limitations Indian businesses suffer from.

Small business owners like me are helping the progress of the nation by increasing our Balance of Payments. What baffles me when I read these guidelines is that instead of the Reserve Bank of India helping people like us grow, it is instead breaking our backs with unviable and archaic regulations, which countries had let go at least a decade ago! To add to our miseries, paypal has now put a majority of businesses into a limited status, wherein I cannot receive funds. It has been 6 days since this limitation has occurred and in spite of me submitting the correct PAN card, it has still kept my account limited. My business loss in the past 1 week is at least $1000, which translates to Rs 45000+ lost for the Indian Balance of Payments.

I am submitting this complaint with the hope that someone would look into these grave concerns faced by a SME in our country. If you do not think paypal is meeting the regulations needed, then please provide us with a stable platform wherein we can perform our business without hassles. And in the case the Central Bank of India, cannot do the same, it is fair that it reduces the limitations and lets legitimate businesses run smoothly.

Regards,

Surya Kiran Ganti

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LX911 said:

where do U get such agents? and how much do they charge?

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seoguru13 said:

This is what I did and would advise everyone to do to. Drop a mail the Nodal officer of RBI . The mail id of the hyderabad Nodal office is this [email protected] .

This might not make a change immediately. But, if thousands of us send such mails, drop a petition, there is a chance that if not today, someday RBI wakes up! I've chucked fuckpal and moved onto 2checkout.com. Seems the best option.

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TheMatrix said:

Good attempt, but there's a lot of grammatical errors in there. Also, it seems like the "heavy words" used have been sprinkled here and there.

I don't think this would make any difference. I think thr RBI would have thought of all this with their fckd up brains, and then passed the guidelines.

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bookmarc said:

fuck rbi and fuck paypal...
i havent received a fucking dime in my fucking paypal account from sales in the last week since they started this crap!!

is anyone facing this problem? not receiving funds / getting sales from website in the last few days?

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seoguru13 said:

I lost a $1000 and another $1000 stuck with clients. So it's kind of royal screwing. A gift from the RBI for all entrepreneurs bringing in valuable foreign currency.

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bookmarc said:

FUCK FUCK FUCK FUCK
sorry guys i just had to yell ... this shit has screwed my internal body system mechanism


1) Have you all been able to receive money from paypal buttons on your website??????????

2) has all auto withdwral money reached your banks???

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TheMatrix said:

Not as of now. Been 6 days, and now I'm starting to worry!

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bookmarc said:

you mean 1 or 2 ????
or both????

1) Have you all been able to receive money from paypal buttons on your website??????????

2) has all auto withdwral money reached your banks???

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bookmarc said:

you mean 1 or 2 ????
or both????

1) Have you all been able to receive money from paypal buttons on your website??????????

2) has all auto withdwral money reached your banks???

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fbfbfb said:

Paypal auto withdraw reached but the last manual withdraw doesn't reach my paypal , Its been 7 days.. am worried..
Hope i can get it soon
and paypal did auto withdraw again today !!

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xeoblast said:

Me has decided to start business online.
Me has decided to STOP business online.. lol..

Really, i think this is too much. My BHW friends have sweared enough and i dont want to do it anymore . seoguru13 that was really some

great effort there. But i don't think they would even bother to care a damm about it.

So what are the possible solutions from this total mayhem? :

1.Open a company in HK as stated above
2.Use alertpay or 2checkout
3.Quit businesses which need paypal(like adsense pays via check?)

Honestly, i think the problem is not mainly with the autowithdraw but we FUCKING can't pay others. Seriously i don't think i can get a credit

card that easily and i guess the only option now is to have some partner from malaysia or singapore and then ask him to pay me. Will that solve

the issue?


Anyway i feel really bad for all my friends here who are facing huge amount of loss because of this. Hope we find a solution to this real quick .

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lohitmalviya said:

I have requested a withdrawal of 1500$ but its almost 7 days ,i haven't received my funds in back account .is there anyone who has recived his money after 7 days in his bank account ?
paypal shows completed but i am worried ,i will receive my funds or not ?

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TheMatrix said:

Not as of now. Been 6 days, and now I'm starting to worry!

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