Home > Uncategorized > Reserve Bank of India – Paypal User Agreement (moron governor sycophant of corrupt governance)

Reserve Bank of India – Paypal User Agreement (moron governor sycophant of corrupt governance)

Reserve Bank of India: Another  puppet of corrupt government of India
(The new rule killing entrepreneurship and a black act to collect taxes for corrupt & starving politicians)

Read below:
Upcoming changes to PayPal User Agreement for India with effect from 1 March 2011 

With effect from 1 March 2011, Paypal Users 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, Paypal 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


The impact of the above will be as follows:
  1. More transactions between Paypal and Bank Account levying more transaction fees on the account holders
  2. Increased cost of selling or buying services
  3. Disallowing small entrepreneurs taking project assignments worth more than $500
  4. Will result in delay in receiving and sending payments
  5. Will hinder the growth of IT industry and entrepreneurs of India
  6. Will mount unemployment among already struggling professionals
It is apparent from the above that this rule has been specifically brought in effect to benefit corrupt politicians, governance and large companies

Whether you are a service provider, freelancer or a small entrepreneur, you must strongly oppose and protest this black rule

This blog post is also being sent to RBI, Banking Ombudsman, Ministry of Finance, Supreme Court of India
मेरी नज़रों में यह सिस्टम एक चर्बी वाला कारतूस है और मैं इसे मुंह लगाने से इन्कार करता हूँ

इधर जंगल का कानून चलता है …
हर ताक़तवर अपने से कम को मारकर जीता है… मारकर

जय हिंद!

सत्यमेव जयते

  1. Sanjeeb
    March 4, 2011 at 3:44 am

    This blog post has unveiled the truth that we paypal users have reflected in our minds, several times, but never dared to pinch it loud. If the sole aim of Indian government is to look after their citizens and promote their welfare, then I suppose they should let Paypal, serve us in the regular way.
    The regulation that RBI has implemented, simply seems to be ridiculously inclined towards causing trouble, so as to squeeze something out of Paypal and its users. The regulations framed by RBI are too childish, which makes them transparent to the eye of every Indian. Its sole aim is to cause enough hazards. I suppose rather than going all the way round, RBI should have straight way proposed, that they either need 20% commission out of every indian transaction, or they want paypal to pay something good to the RBI. That would have removed the childish touch in the framed regulations.

  1. February 21, 2011 at 12:24 pm

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