well if you have funds in your paypal account, you can pay using that without getting your credit card or bank account involved. same has applied for indian accounts as well. last year, RBI made it mandatory to have your PAN Card connected to your PayPal account so that RBI can track the payments connected to it. that is the biggest shock here. if they already have access to all the active accounts on PayPal... why the new restrictions...
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- Thread starter farooq1789
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yeap. a lot of people are mocking RBI for these new policies being forced on people trying to make a living working at home (like me). they have already taken enough steps to keep an eye on the payments made and received through paypal. i believe western union is still pretty much free from the regulation currently. you can make and receive payments using it without much accountability.
yeap. a lot of people are mocking RBI for these new policies being forced on people trying to make a living working at home (like me).
they have already taken enough steps to keep an eye on the payments made and received through paypal. i believe western union is still pretty much free from the regulation currently. you can make and receive payments using it without much accountability.
I don't think that you can send money from India to any other country using Western Union. I am not quite sure but I think that's it.
And, yes, this is going to hamper business. One can't even add their original debit cards to their PayPal account because of RBI's extra security layer [MasterCard SecureCode and Verified by Visa]. I can only use one time use NetSafe cards with PayPal which HDFC Bank lets me generate.
they have already taken enough steps to keep an eye on the payments made and received through paypal. i believe western union is still pretty much free from the regulation currently. you can make and receive payments using it without much accountability.
I don't think that you can send money from India to any other country using Western Union. I am not quite sure but I think that's it.
And, yes, this is going to hamper business. One can't even add their original debit cards to their PayPal account because of RBI's extra security layer [MasterCard SecureCode and Verified by Visa]. I can only use one time use NetSafe cards with PayPal which HDFC Bank lets me generate.
Government just wants to kill small biz., we already pay so much of tax and crap ; now these kinda restriction will only help killing lot of biz.They should go after the Swiz bank accounts ! and not some shit small time paypal accounts, $500 limit is a joke.
popcorn
Senior Member
UPDATE:
PayPal Restricts Payments To India, Bars Purchases; Why They’re Right
PayPal Restricts Payments To India, Bars Purchases; Why They’re Right - MediaNama
PayPal Restricts Payments To India, Bars Purchases; Why They’re Right
PayPal Restricts Payments To India, Bars Purchases; Why They’re Right - MediaNama
popcorn
Senior Member
RBI is just trying to kill small businesses .. Internet commerce works on paypal and RBI is too dumb to understand this ..Now even if I get a small payment of let say $100 then I have to withdraw in 7days .. Now the prob is paypal charge a fee if you withdraw less than INR7000 .. User will be hit from both the sides ..Also this $500 rule WTH .. they think clients r our servants? If I am getting $1000 then the echeque fee I pay is $5 .. but now I have to pay $5 twice if I get money $500-$500 ..And client himself put project code to the payment made.. it will be so difficult for them to keep tracking of payment if they gonna split the payment ..RBI is useless and so in GOI .. We can't use wire transfer easily .. banks here don't follow the norms like US and European bank .. they don't have IBAN or routing number ..They instead give some intermediary bank IBAN or routing number.. then we have to give the ultimate beneficiary ..These all details confuse clients.. they wanna keep things simple .. RBI should ask banks to use IBAN or routing number .... or they should allow us to accept payment from paypal ..Paypal has all my details like PAN etc .. so wht's the prob??
