About Paypal India's notified change in policy for restricted online transactions

With the extremely popular online monetary transaction service- Paypal serving 1-month advance notice regarding change in its policy in India from coming March 01, 2011 following Reserve Bank of India's (RBI) guidelines, the e-community across the world having interests and/or roots in India is abuzz discussing the developments emanating from this news.

The e-community seems to be divided and concerned about yet another change in policy at Paypal India worrying about the effects this change in policy would bring about. Understandably, its the people who are having major business interests from online sales & earnings from blogging, freelance writing and other similar e-stuff, are more concerned as the new Paypal India policy restricts them to avail transactions of more than US$500 per transaction.
Another concern is about Paypal not retaining money more than 7 days in its account pertaining to any individual's account, as QOT mentions, would render them accountable of banking related laws and guidelines under the aegis of the Reserve Bank of India (RBI). This would prevent people from keeping their money in respective Paypal user accounts and then re-using them for another purchase/ diverting elsewhere without revealing the earning to concerned Indian authorities.

Shelly, one of the co-founders of bricks-n-mortar(dot)com, shared team bricks-n-mortar's viewpoint as a comment on QuickOnlineTips' blog post titled: 'Paypal India Payments Restricted Again!'.
Here's what we firmly think ' n believe-in, and which, we mentioned there on QOT...
Although its apt for high-fly Paypal users in India to be bit concerned about changing guidelines that call for mending ways transactions were taking place till now, or start looking for alternate methods; yet if we look into perspective of larger scenario, we should not find faults with the system.
Its we young enthusiast Indians only who gathered & took out large processions across cities & towns of India 2 days back only to demand that ways of corruption and malpractices prevalent in today’s India be mended by many a ways available.
RBI has perhaps noticed for long that not all net-savvy net-using people like you and me and us were reporting their income’s and paying taxes. Moreover, just think about notorious people and gangs misusing these services to siphon-off money by rotating it in many illegal ways.
I personally think we should take this measure as another small step towards better India. As QOT mentioned, getting payments by cheque is another valid option available by which one can keep account of his/ her/ their transactions ethically and contribute one own’s share of good practice.
We already have been getting thumbs-up reactions there on QOT for what we've said indicating there are many who also believe in same positive principles.
By the way, do you also transact money online in credit and/or debit through online forex/ monetary transactions services like Paypal, etc.?

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  1. Rightly pointed out. We must respect law and abide by RBI's directives


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