Paypal Gateway - New RBI Guidelines " Are We Doomed "

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Amarbir

Skilled
Guys ,

Paypal Has All New Notification .Here You Go To a Picture i Got When i Logged To My Paypal Account Today :eek:hyeah:

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Just One Question : Lets Assume We Have Paypal Funds In Our Account ,If you Do Not Get it transferred to our account in seven days what happens .i did not find any such new thing in paypal account today so that this doubt is cleared .

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I don't think anyone really knows the answer to that. I've looked everywhere. Paypal hasn't indicated anything about the consequences of not withdrawing your funds within the 7 day period.

I doubt they can really do anything about it. Similar conditions were set last year when the RBI first decided to intervene and regulate Paypal's activity but they weren't enforced as I had several large payments sitting in my Paypal account for months together.
 
I too got that today but I would like to confirm that I successfully made a purchase for 1.50 USD from Dealextreme today afternoon.

Had 2.04 USD in my Paypal account. And the transaction was successful.
 
Well,

Same Here i Used All my Funds From There and Transferred The Rest To My Bank Account ,I Mean This Is !@#!# Seriously
 
it's our government thinks that we people are engagged in hawala and other rackets. They are taking all these steps to cover their deeds
 
yashvisent said:
it's our government thinks that we people are engagged in hawala and other rackets. They are taking all these steps to cover their deeds
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Well,

What is The Actual Problem Why RBI is Doing It ? .
 
^^ because its only the middle class that the govt want to suppress (levy more service tax, increase duties)....the small amount of money ppl make in money...say even 10k $$ is important for them but not the 10 billion $ stacked in Swiss, Cayman Islands account. Just awesome :D
In India its better to be either below BPL or uber rich....nthing in between :(....corporate tax remains same so that rich bureaucrats/corporates r never effected but service tax net will keep increasing even after paying income tax, excise duty, CVD, calamity cess, education cess, VAT , etc etc !

Citizens should have an option of paying tax like voting....shouldn't be mandatory.....next day govt will be in tatters :D
 
Supra said:
^^ because its only the middle class that the govt want to suppress (levy more service tax, increase duties)....the small amount of money ppl make in money...say even 10k $$ is important for them but not the 10 billion $ stacked in Swiss, Cayman Islands account. Just awesome :D

In India its better to be either below BPL or uber rich....nthing in between :(....corporate tax remains same so that rich bureaucrats/corporates r never effected but service tax net will keep increasing even after paying income tax, excise duty, CVD, calamity cess, education cess, VAT , etc etc !

Citizens should have an option of paying tax like voting....shouldn't be mandatory.....next day govt will be in tatters :D
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Well ,

Extremely Right Thoughts Here Supra .I am sure 99.9% of Them Do Not Know What a Payment Gateway is Anyway
 
^^ because its only the middle class that the govt want to suppress (levy more service tax, increase duties)....the small amount of money ppl make in money...say even 10k $$ is important for them but not the 10 billion $ stacked in Swiss, Cayman Islands account. Just awesome

In India its better to be either below BPL or uber rich....nthing in between ....corporate tax remains same so that rich bureaucrats/corporates r never effected but service tax net will keep increasing even after paying income tax, excise duty, CVD, calamity cess, education cess, VAT , etc etc !

Citizens should have an option of paying tax like voting....shouldn't be mandatory.....next day govt will be in tatters
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Corporate tax affects everyone indirectly, so dont crib at it being low, and if its pays being BPL. Why dont you give it a shot?

Paypal is under fire for facilitating terrorist money in a lot of developed countries, so why is RBI wrong here? These guys are acting like banks without the regulations of a bank. Sure it is an inconvenience, but I am for once happy on the RBI move. Paypal is one of the most un-ethical company in the world, and if this move makes facilitating terrorist funding tougher, so be it. Maybe your 10 USD dealextreme purchases is more important to you, but you cannot speak for everyone..
 
And don't tell me that corporate tax is low. It is too damn high. You would know had you been running a company!

And although 42%+(30% + 17% dividend tax) may not pinch huge companies, but for entry level pvt ltd companies and even small-med size companies, it is a huge drain!
 
42% in tax, even then you get shitty services from government. We have the one of the most enterprising people in the world. If you tax them like that how is India gonna get its own Facebook, Google etc. India ranks 137 in 'Ease of doing business', no wonder other countries are progressing because our lazy ass government can't rationalize it's spending and income.
 
It is like, if you have a net profit of Rs.100

Rs.30 is the direct tax.

Balance Rs.70.

Now to distribute this Rs.70 amongst the shareholders, there is a 17% tax on this Rs.70.

So this is another Rs.12 or so.

So what you are left with is Rs.58 or so of the initial Rs.100.

And tax is worse in USA. It isn't easier there either!

However, for small enterprises I believe a tax of like 10-20% all inclusive makes more sense, rather than 30%+17% total 42%+!
 
In USA or other western countries, you get what you pay for. Sadly same is not the case in India. If you are charging very high, you should offer same quality of services.
 
Well I dunno why you people are not understanding this simple RBI ruling, Indian money and RBI rules were being misconstrued by Ebay and paypal for so long, they will have to follow the rule of the land to function, it is simple as that.

paypal was a real legitimate Hawala, terrorists used it to transfer funds and so did the Druglords.. so now you decide, is it right or now?
 
And don't tell me that corporate tax is low. It is too damn high. You would know had you been running a company!

And although 42%+(30% + 17% dividend tax) may not pinch huge companies, but for entry level pvt ltd companies and even small-med size companies, it is a huge drain!
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Well well not everyone runs a company here...may u run one and pay 42 % but AFAIK for IT companies as per the Quarterly and annual results I have gone through in last few years the peak tax rate after all surcharges and BS is around 26-27% ! That also ppl operating out of STPI and SEZ were having a peak rate of just around 18-19% .....After DTC kicks in it should be lowered to almost 18-22%for everyone which is more fair.

Paypal is under fire for facilitating terrorist money in a lot of developed countries, so why is RBI wrong here? These guys are acting like banks without the regulations of a bank. Sure it is an inconvenience, but I am for once happy on the RBI move. Paypal is one of the most un-ethical company in the world, and if this move makes facilitating terrorist funding tougher, so be it. Maybe your 10 USD dealextreme purchases is more important to you, but you cannot speak for everyone..
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Yes Paypal is 100% corrupt I agree but there are more corrupt banks in our system....take our own ICICI for example ....and the rules put in are the most dump....terrorist money can be routed in 1000 other ways and this is just a needle in the whole straw ! You are very nice in telling like to stop terrorist lets ban mobile phones/satellite phones/internet etc etc :rofl: :lmao:....system should not punish honest ppl and they should look in another way to plug the hole. The billions of $$ that are sitting in Swiss, Cayman Islands is funding regionalism, goondiam, real estate hoarding ! That is 10000 times more than paypal and lets get that first before attcking paypal. .Its just better to persuade paypal to get those new unified banking license and offer whole bouquet of services using PAN/TAN/TIN nos to record everything ! Just stopping 90% of paypal use since we do not have an infra is super lame and I know this is to protect the corrupt private banks like ICICI, HDFC etc ! Anyways I hope these corrupt exorbitant charges domestic banks just to give those high handed multi million bonuses either upgrade themselves or get lost !

Corporate tax affects everyone indirectly, so dont crib at it being low, and if its pays being BPL. Why dont you give it a shot?
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So I guess u support all these new taxes....very happy with paying all the taxes only for salaried class :) ....why should I pay almost Rs 30-40 of the Rs 100 I earn in taxes....should I have to be a BPL not to pay taxes ! Do I even get back Rs 5 from the system ! HELL NO !

And ya it was cheap for you to tell that why dont I give it a shot to being a BPL ! really cheap to flame like this and I also cant avoid doing the same now :D
 
The tax rate you are talking about is after showing expenses and stuff. Expenses are never a part of the net profit.

It is like saying you pay 20% of income tax over 20 lacs of income. That is possible by showing expenses, but otherwise NO! And if you show expenses, then that isn't your net income any more!
 
^^ Can you make it clear by quoting some Quarterly report/Annual Report of any reputed/big company on how they are paying 42% taxes ! Lets take say Reliance which operates in multiple sectors and should be an apt example. I am not a CA so of course I am not totally clear but on what I can make no way 42% tax is going to the govt ! Dividend Tax I am still researching on it :p

Corporate Tax in Budget 2011 :

http://www.telegraphindia.com/1110301/jsp/business/story_13650322.jsp
 
Well, you don't run a company, do you?

There are two main taxes any Pvt Ltd firm has to pay. Corporate Tax which is 30% and another 17% dividend tax if you distribute the profit amongst shareholders. So that is 42% and that is fixed for all firms, at least for most firms who can't get rebates and other discounts.

Yes, you can reduce your net profit by showing expenses, but then the tax remains 42% on the reduced net profit.

And if you don't pay off everything in dividends then you pay 17% over a smaller percentage and thus tax may vary btw 30 and 42%.

But just like there is a 30% flat tax rate over your net income after 5 lacs, there is a flat 30% + 17% tax which totals to 30 to 42% depending on the dividend amount!

Dividend tax - Wikipedia, the free encyclopedia

Income tax in India - Wikipedia, the free encyclopedia

India: A Case For Withdrawal Of Dividend Distribution Tax
 
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