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  1. #26
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    http://techie-buzz.com/tech-news/pay...-flouting.html

    Is that the other side of this story?
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  2. #27
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    lolzzz many of indian politician have their swiss banks accounts
    another topic like this is running here as well....
    http://www.webhostingtalk.com/showthread.php?t=1018259
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  3. #28
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    definitely adds some perspective
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  4. #29
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    Quote Originally Posted by sash_007 View Post
    so being in India its possible to open a swiss bank account and transfer money there?
    Yes, Majority of the Money and the account holders are Indians( According to new and reports).

    Even you can open an account if you have around some 10 to 20 Lakh Indian Rupees.
    If you steal from one author, it’s plagiarism; if you steal from many, it’s research
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  5. #30
    Join Date
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    It all depends on how you are operating, first it was withdrawal issue and now the withdrawal timeframe, limits and payout condition.

    This whole thing is about RBI compliance not a Paypal issue.

    Below is from the email I got:

    With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways ("RBI Guidelines").

    In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:

    1. Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and

    2. Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.
    As I said it all depends on how you are operating, like last year people faced lot of problems accepting payment and withdrawing funds, but that was for personal accounts, most of the business accounts operating properly, issuing invoices properly have not faced any problem.

    In simple terms above two amendments make you accountable for your foreign earnings, and also safeguard you from paypal as they won't be able to block your funds from withdrawal or seize funds in your account.

    In broader terms, this also gives government ability to monitor money transfers.

    So what I suggest, look again at the way you are doing business, opening a propriety firm with a current account in any nationalised bank here is very very easy, having a firm does not mean you have to pay huge taxes, infact firm has lot many options to save taxes. Having a firm has it's own advantages, you have a better status as you are now owner of a company, you will be filing your IT returns properly so you will be able to take better loans, having a current account enable you to have over draft facility from your bank. You become part of the business community and you can join your local business group, chamber of commerce etc that has it's own advantages.

    By complying to above conditions as laid out by RBI/Paypal you are going to face some inconvenience, but in the long run its for your own benefit.
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  6. #31
    Join Date
    Nov 2007
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    Quote Originally Posted by vasho View Post
    @chennaihomie and @IndiaNets

    Ever used the debit cards for International payments? My syndicate bank's and ICICI's debit cards doesn't work .Please let me know how do you make international payments or receive payments without using paypal
    @vasho, we have a SME account with balance in USD with Standard chartered bank. Its helpful to send a portion of the money received via wire transfer easily.

    The visa debit card that came with the account is accepted in most of the places.
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  7. #32
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    There are many factors involved in this decision, money laundering, tax and off course our bank making money out of all this.

    As Abidh gave that link to see the other side of the story, there are many other points that pops up, and one of the main point in my mind ever since withdrawal facility was activated, why paypal pay us in INR using their own conversion rate and why not in USD. Note that when you are not earning in USD you can not claim any export or foreign exchange earning benefits, and this is all because of our ignorance and "chalta hai" attitude.

    I can understand the 7 days period and balance not usable, this also protect you from Paypal itself as they won't be able to seize your funds, but the $500 limit is not imposed by the RBI, this is plain BS by Paypal, they are indeed trying to bypass Indian laws and they simply don't care.
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  8. #33
    Join Date
    Jan 2008
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    Quote Originally Posted by Vinayak_Sharma View Post
    I can understand the 7 days period and balance not usable, this also protect you from Paypal itself as they won't be able to seize your funds, but the $500 limit is not imposed by the RBI, this is plain BS by Paypal, they are indeed trying to bypass Indian laws and they simply don't care.
    The problem with the limit is - As per RBI regulations, any remittance of higher value ($500 USD is the current cap) must be reported to RBI by the payment processor.

    As everything, paypal is not willing to be involved and follow this guideline, so it's not allowing a transaction over $500. This way they will never have to report a transaction to RBI.
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  9. #34
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    Apr 2009
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    this change is not good for Indian companies . Better need to find ab alternative
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  10. #35
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    Nov 2006
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    Looks like the Indian govt. just wants its cut!

    Its sad that as soon as a new sector opens up and enterprising people begin to make serious money all sorts of nefarious elements start manoeuvring to get their slice of the pie. If its not the govt. its some financial institute that increases it fees. In the offline world you have to contend with mafia elements that force you to pay protection money. Often the police also want their share.
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  11. #36
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    Quote Originally Posted by Website themes View Post
    Looks like the Indian govt. just wants its cut!
    It's not that way, when you are making an income you should pay tax and majority of Indian Paypal users are not doing that, when funds are stored and paid from paypal account, nothing stops a user from hiding that transaction from gov. Now since money has to come to the bank and paid from the credit card, all transactions can be monitored easily.

    And since Paypal is operating in India, they should also follow the rules instead to circumnavigating them.
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  12. #37
    Join Date
    Jan 2008
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    India
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    True! But it's tough to find a real alternative to PayPal.

    Anyone using WHMCS as their billing system can cast their vote for invoice splitting of $500+ invoices at http://goo.gl/nXWDy . Remember, even if you are not processing a payment of $500+ now, you will do it for sure in future.
    Vijay | sales@indianets.com
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  13. #38
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    Dec 2009
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    The income of many people will be affected because of the new paypal rule.

    Western Union should be an alternative.
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  14. #39
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    Jun 2010
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    WU will never be an alternative as it doesn't allow to rectify the payment nor confirm the identity of the buyer
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  15. #40
    Join Date
    Oct 2010
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    647
    is it possible to withdraw from paypal in division of 500 then ?
    For example, if I have 1000 dollars on my account, can I withdraw 500 once and 500 at another occasion ?

    My friend account is having close 1k balance and he is planning to withdraw, because of this new system how can we with draw the amount ?
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  16. #41
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    I think the limit of $500 is only for payments, not for withdrawals.
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  17. #42
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    Quote Originally Posted by ransome View Post
    is it possible to withdraw from paypal in division of 500 then ?
    For example, if I have 1000 dollars on my account, can I withdraw 500 once and 500 at another occasion ?

    My friend account is having close 1k balance and he is planning to withdraw, because of this new system how can we with draw the amount ?
    This doesn't affect withdrawal modes at all. The new rule is pretty simple yet disastrous for many!

    * A transaction can only contain a maximum of 500$ USD. I think you can split it as much as you like (you'll have to convince the sender)
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  18. #43
    Join Date
    Jan 2011
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    34
    Alertpay to the rescue
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  19. #44
    Join Date
    Oct 2010
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    647
    Quote Originally Posted by Abidh View Post
    This doesn't affect withdrawal modes at all. The new rule is pretty simple yet disastrous for many!

    * A transaction can only contain a maximum of 500$ USD. I think you can split it as much as you like (you'll have to convince the sender)
    umm that's at least 1 part of relief out of many disasters,

    this rule is going to be disastrous especially for me, as I get payments to my publisher account once in 2 months and I pay to hosts every month, I pay it using the funds I get - I don't have a Debit Card or CC linked to my paypal, I used bank verification method when it was available earlier.
    Now, I have to withdraw amount with in 7 days And paypal cuts Rs.50 for every transaction below Rs.7000, so how many cuts am I gonna face in this way


    I got few doubts..
    what's the min. amount which RBI starts keeping track of ? Is it 20k or 30k ? when we withdraw the amount to bank from paypal ?
    And the other doubt is, is it possible to withdraw in fractions from paypal rather than withdrawing entire amount in a single transaction

    @viruz - if every one switches to alertpay, then u can count the last days for altertpay in India too
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  20. #45
    Join Date
    Nov 2007
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    It almost seems like a way to help prevent tax evasion.

    Do some people receive $1000 via PayPal (income), spend $1000 on personal goods, and not report the income to the Indian government?

    This way instead, the revenue has to be transferred to a bank account (in India?), which would make it easier for the government to "follow the money".

    Just my opinion on the possible rationale behind it. I am not saying that I agree with it personally.

    -mike
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  21. #46
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    Aug 2002
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    Mike, the rules because of which problem was created last year and re-appeared now are not new or just imposed on Paypal, these rules had been in place since ages.

    Paypal had been flouting these rules ever since they started operations in Inida. Apart from this they have been screwing their Indian users by:
    1) Not paying in USD (depriving us from claiming foreign exchange earning benefits),
    2) Using their own conversion rate, which is illegal again (they are not a bank),
    3) Charging INR 50 for withdrawal (for amount less than INR 7000), while using NEFT/RTGS which costs nothing to the sender.

    On the other hand either because of ignorance or intentionally users are evading tax by keeping funds with Paypal and paying from the same without reporting their earnings.

    Paypal is not above the law of the land, and people crying foul is because of their personal interests.

    Having corruption among politicians or bureaucrats does not justify that companies like Paypal and it's local users should not follow local laws. And RBI is a prestigious institution of India, it is because of RBI only that India was not affected like USA and Europe during the recession. Our country progressed even during many decades of technology sanctions and during multiple recessions because there are still good people in our premier institutions who have good wisdom, who are focused and long sighted.

    People have very short memory or many must have not even born then, when sanctions were imposed when we did nuclear tests. We were denied cryogenic engine technology from RUSSIA because USA stepped in with sanctions, but today we got NSG waiver and today we are launching satellites of other countries and today the same USA is eager to do business with India.

    Paypal is not in a position to ignore India, someone told me there are around 170,000+ users, if average earning of an Indian user through Paypal is USD 1000 a month, then it comes to USD 170,000,000 of revenue per month for Paypal. What they are doing is buying time, ultimately they will have to comply with the rules here. As of July 2007, across Europe, PayPal is operating as a Luxembourg-based bank, so why don't they do the same here, who is stopping them from operating as a bank here, it is because they don't want to, because then they will be directly under banking rules and they won't be able to screw Indian user base, they won't be able to suspend accounts, they won't be able to hold funds, they won't be able to use fraudulent conversion rates and they won't be able to charge for withdrawals, on top of it they will have to pay interest on the amount of money deposited with them. Paypal and it's management should understand that by just operating as a bank here will increase their user base by 10 folds.
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  22. #47
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    Quote Originally Posted by Vinayak_Sharma View Post
    <snip> Paypal had been flouting these rules ever since they started operations in Inida. Apart from this they have been screwing their Indian users by:
    1) Not paying in USD (depriving us from claiming foreign exchange earning benefits),
    2) Using their own conversion rate, which is illegal again (they are not a bank),
    3) Charging INR 50 for withdrawal (for amount less than INR 7000), while using NEFT/RTGS which costs nothing to the sender.
    <snip>
    Thank you for the information. I was unaware of all this.

    PayPal charges INR 50 for a withdrawal less than INR 7000? That's basically USD $1 for each withdrawal, which is something definitely not charged here for U.S. account holders by PayPal.

    Can you provide more information about PayPal not paying Indian members in USD? Are you arguing that they're forcing you to accept payments converted to INR (at their exchange rate), and then making you pay the exchange rate again to convert back to USD if you send a payment? Or is your argument broader than this?

    -mike
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  23. #48
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    Quote Originally Posted by Mike - Limestone View Post
    Can you provide more information about PayPal not paying Indian members in USD? Are you arguing that they're forcing you to accept payments converted to INR (at their exchange rate), and then making you pay the exchange rate again to convert back to USD if you send a payment? Or is your argument broader than this?

    -mike
    Today's PayPal exchange rate:1 USD = 44.2357 INR
    So for 100 USD they will pay 4,423.57 INR

    Today's actual exchange rate (xe.com): 1 USD = 45.9300 INR
    Actual for 100USd that should be paid 4,593.00 INR

    You can see the difference, they are making INR 169.43, that is 3.68 USD or you can say 3.68%, while on top they charge us around 4% for incoming transactions.

    Paypal has an account with Citi Bank here, and they transfer money online from that account to our bank account using NEFT/RTGS that costs them nothing.

    Now as per the import/export rules here, we can have benefits if we are earning in foreign currency, but Paypal pay us in INR so that benefit is lost, and who knows if they are claiming those benefits since their local account receives USD from their USA account.

    And now since for our outgoing payments, funds will be taken from our CC as USD, we are at loss there too, as buying and selling exchange rates are always different.
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  24. #49
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    Hi

    What will happen to the fund if we are not withdrawing it before 7 days ?
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  25. #50
    Quote Originally Posted by qualityhostings View Post
    Hi

    What will happen to the fund if we are not withdrawing it before 7 days ?
    Exact query came to my mind and i mailed paypal asking this
    yet to get any answer?
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