Paypal Gateway - New RBI Guidelines " Are We Doomed "

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A rare awesome (intelligent, informative) thread! Especially considering who is the OP and the quality level (pretty good) of rite's posts :D LOL. I was getting tired of clicking the Like button on so many posts! heh.

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@OP, good question: What if we don't withdraw anything for more than 7 days, both small (under Rs 7000) and large amounts? Still waiting for an answer in this thread :D

@OP: Maybe this screenshot will answer the "Are We Doomed" question in the thread title:

paypal_withdraw.jpg
 
blr_p said:
That's your bottleneck right there. What this ex-RBI employee has conveniently neglected to mention is how restrictive the RBI in India is compared to central banks elsewhere. They should butt out and concern themselves with keeping inflation in check instead of sticking their noses in everybody's business.

SMASH the regulations, let the money flow, let us be in charge of our own financial destinies :)
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Smashing regulations caused countries like US, UK, Iceland to start the stock market, housing bubbles and then the spectacular collapse.

We were protected because of RBI's restrictions.
 
Hacker said:
Smashing regulations caused countries like US, UK, Iceland to start the stock market, housing bubbles and then the spectacular collapse.
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That, my friend is the biggest misconception going around.

The housing bubble happened because those responsible KNEW they were too big to fail.
They KNEW they would get bailed out.

That's not free market whatsoever is it.

Free market says if you fail you're dead. Not what happened.

Free market IS about privatising profits and NOT about socialising losses.

Let's get things straight here shall we, out of your list of three, only Iceland had the spectacular collapse.

Hacker said:
We were protected because of RBI's restrictions.
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How did the RBI protect us ?

They said you cannot play. period!

It's funny how psychology works, if in the off chance there is a once in a century type event, then restrictions for the remaining 99 years are somehow worth it.
 
blr_p said:
That, my friend is the biggest misconception going around.

The housing bubble happened because those responsible KNEW they were too big to fail.

They KNEW they would get bailed out.
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Tell that to Lehman Brothers and 100's of other banks in US itself. :)

The housing bubble did not start because those responsible KNEW they were too big to fail. Infact all the computer simulations and models said that housing market was not going to crash.

It has to do with regulations and nothing else. Look up Glass-Steagall Act, Gramm–Leach–Bliley Act etc

blr_p said:
Free market says if you fail you're dead. Not what happened.

Free market IS about privatising profits and NOT about socialising losses.

Let's get things straight here shall we, out of your list of three, only Iceland had the spectacular collapse.
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Wat ?? Last time I checked US and UK markets had crashed like a dead bee.

I agree with you on the free market but if it wasnt for US, UK govt pumping trillions of dollars, the world as we know it would have stopped functioning.

blr_p said:
How did the RBI protect us ?

They said you cannot play. period!
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In other words thats called regulation :)
 
Hacker said:
Tell that to Lehman Brothers and 100's of other banks in US itself. :)
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Right, so why support the others then. Let them all fail. No need for any bailouts.

Hacker said:
The housing bubble did not start because those responsible KNEW they were too big to fail. Infact all the computer simulations and models said that housing market was not going to crash.
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Did not mean to say it started with that, but rather it ended the way it did as there was no downside for these companies.

Hacker said:
It has to do with regulations and nothing else. Look up Glass-Steagall Act, Gramm–Leach–Bliley Act etc
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Am aware of the glass-steagal act enacted during FDR's time during the great depression which got removed in '98. The economy was booming in those days, why hold onto some depression era legislation.

Hacker said:
Wat ?? Last time I checked US and UK markets had crashed like a dead bee.
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How is one to interpret the term 'spectacular collapse'. If you meant house market prices then sure. But if you mean country requiring to be bailed out by an external entity then no.

Hacker said:
I agree with you on the free market but if it wasnt for US, UK govt pumping trillions of dollars, the world as we know it would have stopped functioning.
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Yep, so those companies were too big to fail and they knew it.

Hacker said:
In other words thats called regulation :)
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You left out the rest of my post. Regulations get in the way of profits & freedom. I'm not advocating for a world with no regulations but one with as few as necessary. We live in an over regulated country, its less than it was in the past but there is still some way to go.
 
Paypal.......did the new rules implement??

According to paypal, from 1st march, we cannot have standing amounts in our paypal account for more than a week.True?

So, for that i just left about 2$ and withdraw all my money in feb only.

I have not received any mail regarding my standing amount since that time and today is 31st of march.

I want to know, did that rule came into effect?? Did anyone else received some notice from paypal people??
Can i keep the standing amount in my ID??
 
Re: Paypal.......did the new rules implement??

Not as far as I know. At least I have been able to make payments abroad using my paypal balance :P
 
Re: Paypal.......did the new rules implement??

I haven't seen any difference either... i am still able to sent payments & withdraw over $500 :)
 
Re: Paypal.......did the new rules implement??

no.. i had 20$ approx in my account since jan of this year ... and nothing happened ... also sent the amount to buy goods a week back and everything was successful :) .....
 
Re: Paypal.......did the new rules implement??

I had some 10$ balance in my Paypal account. Afterward I made several payments through Paypal - I always was charged for the full amount from my CC - the paypal balance is untouched. Did I miss anything?
 
Re: Paypal.......did the new rules implement??

^ What is your current Paypal balance? :P

If you make a transaction in a currency different than USD and if the PayPal balance doesn't cover the full amount, then the balance will be left untouched. Is that the case?
 
Re: Paypal.......did the new rules implement??

The transaction was in USD but yes my paypal balance did not cover the purchase amount. I have 10$ in my account. So, I need to buy something priced exactly 10$ to utilise the balance ?
 
Re: Paypal.......did the new rules implement??

^ Oh ok. No, that is only if the transaction is in a different currency. If it was in USD, then it should have used the Paypal balance first and then charged the remaining to the card.

Maybe they started implementing the new rules? ;) When did you make this transaction? I made a payment about a week back and it used my balance first.
 
Re: Paypal.......did the new rules implement??

Same here. Used my PayPal balance a while ago and worked like a charm.

Did it ask you about where to channel the funds from (Credit Card / PayPal Balance) before making your purchase?
 
Re: Paypal.......did the new rules implement??

varkey said:
^ Oh ok. No, that is only if the transaction is in a different currency. If it was in USD, then it should have used the Paypal balance first and then charged the remaining to the card.

Maybe they started implementing the new rules? ;) When did you make this transaction? I made a payment about a week back and it used my balance first.
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Today only.
 
Re: Paypal.......did the new rules implement??

guys just want to confirm that can i transfer funds from my Indian paypal to my cousins US paypal account ?

the transfer will be funded by my credit card linked to my paypal

both paypal accounts are verified

thanks
 
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