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Thread: Paypal's New Terms for Indians.

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    Paypal's New Terms for Indians.

    Can anyone tell me what the first point means?? Does that mean I cannot use paypal to pay for my hosting fees?

    As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.

    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.

    We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

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    I think you will not be able to use your Paypal Balance to pay for hosting. You can still use Paypal as a payment gateway. You will have to use a credit card or debit card that is linked to your Paypal account in order to pay for goods/services. This is what I understand from point 1.

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    Smile

    This is a blog post from an Indian webmaster who is in the situation as everyone else in terms of Paypal in India.

    1. You need to transfer all your PayPal balance into your Bank account within 7 days from the date of receipt of Payment.
    2. You can’t receive more than $500 in your account at a time in your PayPal account.
    3. You can’t use your PayPal balance to buy anything or send any money to anyone. Which means you can’t pay for your domains or hosting bills.

    So, now the main problem is how you will pay your hosting bills or domains or any service or product you buy online via PayPal. One and only solution of this is to use either a Credit Card or a Virtual Credit Card. And in India where its tough to get a CC for a student or general people, only a VCC is gonna help you as its safe to use without exposing your real card numbers on internet.

    Getting a VCC is pretty easy. You just need to get a bank account in a bank which gives you facility to create VCC’s. Banks like HDFC, Kotak Mahindra, Axis Bank, etc. provide this facility. But I can assure you that HDFC is best among them.

    Source: Solution of PayPal problem starting 1st March 2011 | ReeGeek.com

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    Quote Originally Posted by cooldodgyboy View Post
    That will become a big problem to people, everytime you cannot use vcc all the time. So, that is a big problem.
    Yep. But don't blame PayPal, they're only following the rules India has (Correct me if I'm wrong).
    |Nico Lawsons

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    Just as in the U.S. with the new 1099 requirements, we see a government mindlessly destroying a people's ability to do business in an attempt to extract more tax money from them.
    Submit Your Webmaster Related Sites to the NB Directory
    I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine.

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    To see how ridiculous the new 1099 rule is in the USA, check out these articles. According to CNN, if I buy a computer from Apple, I have to send a 1099 form to Apple.

    Health care law's hidden tax change to launch 1099 avalanche - May. 5, 2010

    New 1099 Requirements for B2B Transactions - Business Taxes - Entrepreneur.com

    This is the first thing that needs to be repealed with ObamaCare. I'm willing to bet that absolutely nothing will be done with the massive number of 1099s.


    I thought the Indian government was becoming friendlier to businesses. It looks like the new rules imposed upon PayPal accounts proves otherwise.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


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    The banking rules suck in India.. I do have a Credit Card, but I prefer Paypal more.. Anyone knows what happens if the paypal money is not transferred to bank account within 7 days??

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    Quote Originally Posted by rome9t9 View Post
    The banking rules suck in India.. I do have a Credit Card, but I prefer Paypal more.. Anyone knows what happens if the paypal money is not transferred to bank account within 7 days??
    There isn't any news on what would happen with the funds, but if I were you, I wouldn't take that chance.

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    More on Paypal India vs RBI drama here Why Is PayPal Screwing Indians? An ex-RBI Employee Tells Me The Facts & Few alternatives to Paypal for Indians Paypal Alternatives in India

    I'd not blame RBI for the mess, it's more on Paypal!

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    I agree, some time PP gives bigger reactions

    G!

    Quote Originally Posted by . . View Post
    More on Paypal India vs RBI drama here Why Is PayPal Screwing Indians? An ex-RBI Employee Tells Me The Facts & Few alternatives to Paypal for Indians Paypal Alternatives in India

    I'd not blame RBI for the mess, it's more on Paypal!

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