Results 26 to 50 of 346
-
01-29-2011, 09:03 AM #26Junior Guru
- Join Date
- Jun 2010
- Location
- India
- Posts
- 202
http://techie-buzz.com/tech-news/pay...-flouting.html
Is that the other side of this story?0
-
01-29-2011, 09:36 AM #27Cloud Reseller Experts
- Join Date
- Jun 2008
- Location
- In Dreams
- Posts
- 664
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=10182590
-
01-29-2011, 09:39 AM #28Web Hosting Master
- Join Date
- Jun 2010
- Posts
- 592
definitely adds some perspective
0
-
01-29-2011, 09:44 AM #29Web Hosting Master
- Join Date
- Jun 2009
- Location
- 127.0.0.1
- Posts
- 561
0
-
01-29-2011, 10:54 AM #30Always Learning...
- Join Date
- Aug 2002
- Location
- Bharat
- Posts
- 4,808
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.
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.Vinsar.Net - Quality Web Hosting at Economical Price on USA & European Servers
Offering domains, shared, reseller & VPS hosting.
Reliable Domain Reseller Account Resell Domains with Confidence0
-
01-29-2011, 11:31 AM #31The Guru!
- Join Date
- Nov 2007
- Location
- India, USA and Amsterdam
- Posts
- 2,581
0
-
01-29-2011, 12:49 PM #32Always Learning...
- Join Date
- Aug 2002
- Location
- Bharat
- Posts
- 4,808
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.Vinsar.Net - Quality Web Hosting at Economical Price on USA & European Servers
Offering domains, shared, reseller & VPS hosting.
Reliable Domain Reseller Account Resell Domains with Confidence0
-
01-29-2011, 01:14 PM #33Junior Guru Wannabe
- Join Date
- Jan 2008
- Location
- India
- Posts
- 89
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.█ Vijay | sales@indianets.com
█ indianets.com - Serving successfully since 2007
█ Cheapest Multiple C-Class IP Hosting by indianets.com
█ Reliable servers | Top Notch Support | Stable0
-
01-29-2011, 01:25 PM #34Web Hosting Master
- Join Date
- Apr 2009
- Location
- inside wht
- Posts
- 746
this change is not good for Indian companies . Better need to find ab alternative
24x7 PROACTIVE SERVER MANAGEMENT | OUTSOURCED WEB HOSTING SUPPORT
Sales : sales @ syslint.com | Call us : (+91)9447607799 | Are you looking for DevOps Admins ?0
-
01-29-2011, 02:08 PM #35Web Hosting Master
- Join Date
- Nov 2006
- Location
- Karachi, Pakistan
- Posts
- 1,359
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.0
-
01-29-2011, 02:36 PM #36Always Learning...
- Join Date
- Aug 2002
- Location
- Bharat
- Posts
- 4,808
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.Vinsar.Net - Quality Web Hosting at Economical Price on USA & European Servers
Offering domains, shared, reseller & VPS hosting.
Reliable Domain Reseller Account Resell Domains with Confidence0
-
01-29-2011, 02:43 PM #37Junior Guru Wannabe
- Join Date
- Jan 2008
- Location
- India
- Posts
- 89
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
█ indianets.com - Serving successfully since 2007
█ Cheapest Multiple C-Class IP Hosting by indianets.com
█ Reliable servers | Top Notch Support | Stable0
-
01-29-2011, 02:49 PM #38Disabled
- Join Date
- Dec 2009
- Location
- Internet
- Posts
- 19
The income of many people will be affected because of the new paypal rule.
Western Union should be an alternative.0
-
01-29-2011, 02:50 PM #39Web Hosting Master
- Join Date
- Jun 2010
- Posts
- 592
WU will never be an alternative as it doesn't allow to rectify the payment nor confirm the identity of the buyer
0
-
01-29-2011, 02:53 PM #40Web Hosting Master
- Join Date
- Oct 2010
- Posts
- 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 ?0
-
01-29-2011, 02:53 PM #41Web Hosting Master
- Join Date
- Jun 2010
- Posts
- 592
I think the limit of $500 is only for payments, not for withdrawals.
0
-
01-29-2011, 03:08 PM #42Junior Guru
- Join Date
- Jun 2010
- Location
- India
- Posts
- 202
0
-
01-29-2011, 03:11 PM #43Junior Guru Wannabe
- Join Date
- Jan 2011
- Posts
- 34
Alertpay to the rescue
0
-
01-29-2011, 04:03 PM #44Web Hosting Master
- Join Date
- Oct 2010
- Posts
- 647
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 too0
-
01-29-2011, 04:41 PM #45Web Hosting Master
- Join Date
- Nov 2007
- Location
- Dallas, TX
- Posts
- 9,064
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.
-mike0
-
01-29-2011, 06:37 PM #46Always Learning...
- Join Date
- Aug 2002
- Location
- Bharat
- Posts
- 4,808
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.Vinsar.Net - Quality Web Hosting at Economical Price on USA & European Servers
Offering domains, shared, reseller & VPS hosting.
Reliable Domain Reseller Account Resell Domains with Confidence0
-
01-29-2011, 06:49 PM #47Web Hosting Master
- Join Date
- Nov 2007
- Location
- Dallas, TX
- Posts
- 9,064
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?
-mike0
-
01-29-2011, 07:13 PM #48Always Learning...
- Join Date
- Aug 2002
- Location
- Bharat
- Posts
- 4,808
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.Vinsar.Net - Quality Web Hosting at Economical Price on USA & European Servers
Offering domains, shared, reseller & VPS hosting.
Reliable Domain Reseller Account Resell Domains with Confidence0
-
01-30-2011, 02:14 AM #49Web Hosting Master
- Join Date
- May 2007
- Location
- Internet
- Posts
- 661
Hi
What will happen to the fund if we are not withdrawing it before 7 days ?███ SunShell™ Hosting
███ Shared, Reseller, Master Reseller,VPS and Dedicated Server Hosting since 20060
-
01-30-2011, 03:32 AM #50Aspiring Evangelist
- Join Date
- Dec 2009
- Posts
- 360
0
Similar Threads
-
Paypal India - New rules (restrictions) applied by Govt. of India
By realvaluehosting in forum Ecommerce Hosting & DiscussionReplies: 27Last Post: 08-11-2010, 05:18 AM -
INDIA DC | Cpanel Shared Hosting | FREE Domain | INDIA Server | 24x7 Support | INDIA
By Odisha-Hosting in forum Shared Hosting OffersReplies: 0Last Post: 09-13-2009, 02:46 PM -
My Circut City Nightmare...[merged]
By Hastings in forum Web Hosting LoungeReplies: 15Last Post: 03-28-2008, 05:46 PM -
Hivelocity.net a nightmare [merged]
By Reseller32 in forum Dedicated ServerReplies: 76Last Post: 03-05-2008, 11:45 AM -
paypal nightmare - help
By happydog in forum Ecommerce Hosting & DiscussionReplies: 20Last Post: 01-11-2006, 04:15 AM