Indians screwed due to RBI regulations.

[Nicki]

Email from Alertpay

Dear *****

Due to recent regulations set by the Reserve Bank of India (RBI), we can no longer provide AlertPay PrePaid Cards to our members located in India. We apologize for the inconvenience, but all cards that have already been sent to India will be cancelled. If there were any funds on your card, they will automatically be returned to your AlertPay Balance. The full amount that you paid for the card as well as any shipping costs will be refunded as well.
We appreciate your cooperation as we must adapt our policies in order to continue providing payment solutions your country.

Email from Paypal

Dear ****

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.

We regret any inconvenience caused to you and hope the advance notice will enable you to plan your future use of our services accordingly. For further information, click here.

If you have any questions, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page. We sincerely thank you for your patience and continued support.


Sincerely,

The PayPal Team

 

[imfamous15]

it even fucked Alertpay.. Damn RBI fuck u... v all are screwed now

 

[nEw_boY]

Already got one thread for PayPal.
& Alert Pay is also here now..!

lol

 

[Rock|the|world]

oh.... man its too much now what happened so now totally over everything we can't withdraw money from any else method ........

F**K......

 

[Chutad]

You move to Moneybookers, not only they have their strict rules existing already but now even this.

Only safe source left is Liberty Reserve at the moment.

 

[Aquickhost]

i think they will change the decision, people will protest , surely.

 

[soft2050]

OMG
I was thinking to move to alertpay now
But now alertpay also..........

 

[Nicki]

I was hoping AP would wait for some time... but they straight away canceled my card which is on the way to my address..I'm royally jagged !!!

 

[shanit]

wtf... :O

 

[Nicki]

The only way now is to withdraw money to bank using Paypal.. We would have to explain the source of income and pay taxes..

 

[axxo786]

Man this is deep shit...

 

[Rox]

LOL they just stopped Prepaid cards... u can still buy from Alertpay... And request cheque for withdrawal!!!

FAKU All :P

 

[Nicki]

We cannot buy anything through PP now ..I haven't seen AP as paymnet option in any services.For Example RL , RDP , file-remoter

 

[AoN]

Oh sad news for Indians

 

[Mr.WT]

RBI is Asshole X-(

 

[CJ]

Fuck PP, AP, ALL



Pss.....

Oh sad news for Indians

Smart Remove ur Siggi :-? plz

 

[Rock|the|world]

The only way now is to withdraw money to bank using Paypal.. We would have to explain the source of income and pay taxes..

bro if i withdraw only 100$ then can i also pay tax for it ?

 

[Dman]

bro if i withdraw only 100$ then can i also pay tax for it ?

Better question for a tax professional but as long as you're under 1.5 lac income tax slab, you don't need to pay any taxes.

 

[Rock|the|world]

ok.....but bro can i withdraw funds without pan card ?

 

[Dman]

^ I am not sure. Been a while with Indian Paypal. But seeing things with RBI and paypal it's a safe bet to assume you NEED a PAN card to withdraw.