Will there be enough Indians in mylot from February 1,2011.
January 31, 2011 7:33am CST
India has the second highest membership in mylot with 42,764 members, next only to USA, who are in top of the leader board of Nations.Now that paypal,has put in so many conditions,and these conditions come to effect from March 1,2011, it will be very difficult for the Indian members to keep their money in Paypal, and since mylot pays only in paypal, it is going to be a big problem.So my question is how many Indian members are going to continue in paypal, if they are going to be paid less for their services. If my calculations are right they will be loosing nearly 30% of their earnings because of these new conditions. Your valuable responses.
4 people like this
31 Jan 11
Hi.. As per rules.. We can still withdraw our money from paypal account.. But we have to withdraw before 7 days after we receive it.. So i guess i am going to set minimum to 50$ or 100$ here on mylot. So i can instantly withdraw the big amount after i received.
2 people like this
4 Feb 11
Hi Ramesh, I was away from mylot for a few months at least and am totally confused as of now with all these negative ‘developments’... pls help me with my queries... Does this mean that whenever I get my payment from mylot, I’ll have to transfer the money immediately to my bank account? I’ve never transferred money to my account...how does one do it? I’ve always bought small things online with that payment... can I no longer purchase anything online thru paypal? If I cannot transfer the money, what will happen to the cash in my paypal account? I have neither a debit card, nor a credit card... does this mean that I cannot transfer the money to my back account?
7 Feb 11
I think I'll just increase the payout to $25... its not transferring only $10 and with a transfer fee deduction of $1.10 on that!!! But then you may see that by the time we've accumulated $25, some other new legal tangle will come up and we'll left just chasing that amount too
4 Mar 11
Hey there sudipta, just now saw your response after four weeks. Maybe my lot does not like us Indians, that is why they do not send a email for the comments and responses. Coming back to Pay pal, hopefully, there should be no more legal tangles. Have you taken out your money from pay pal.There is only three more days for you to do it.
5 Feb 11
Hey there sudipta, Yes, I missed you, I was wondering why you have not participated in any of my discussions.Even this response, was not informed by mylot. I just thought I will see if anybody has responded to this discussion, and I find yours was the last post,which I did not see. That is the reason, the delay in sending the reply. Pay pal sent a circular to everybody, just about a week back, stating that from March1, 2011, we cannot keep our savings in mylot for more than 7 days, and it has to be transferred to our bank account in 7 days. We will not be allowed to buy directly using the pay pal outlet even in those 7 days. If you P.M.me your email, I will forward the paypal letter. Even if you do not have a debit or credit card, you can usually transfer it to your bank account, and paypal charges a service charge of $1.10 for every transaction. I am also like you, who do not transfer the money to my bank account and usually buy some small things on line. Finally from what I understand, that if we do not transfer the money within 7 days, it will be lost forever. Regarding transfer of money to your bank account go to the paypal,site, and you can mention you bank, account number, and some other details, and they will do the rest.
31 Jan 11
I am going to continue posting at mylot , I will make needed adjustments like rising my minimum payout from $10 to $50 so the charges won't affect me. I have still 8 months of internet pack available and after it finishes I will revise my decision to continue with online earnings according to the situation.
1 Feb 11
To be quite honest, nobody is comfortable with this announcement. But the question is can we do anything against it, the answer to which will be a round "NO". So our next strategy should be to evaluate the situation and learn about the new rules instead of complaining about it. Now the rule says that we need to transfer our money within 7 days. What would happen if we don't? I still don't have any idea about that. However let's find some solution here. The first countermeasure will be to raise your minimum payout limit. This will minimize the loss though it will not completely eliminate it. But I think it's better to plan our moves now to minimize our loss instead of mourning for it. The loss is inevitable. Why mourn for what's inevitable. However the best we can do is to find out some strategies that will help us make money. There is really no reason to believe that it all happened to Indians because of some 'bad karma'. It has something to do with the RBI guidelines and it will ultimately work for our own benefit in the long run.
1 Feb 11
Yes you are right getbiswa2000, one must try to find a solution for this.The big problem is we will not be able to purchase anything on the net,by using Paypal.The second is, pay pal charges a flat rate of $1.1 dollar or Rs.70 for each transacation up to Rs.7,000.So we may have to pay more to get the money into our bank account. Regarding, what will happen if we do not transfer the money within seven days, the answer is quite simple,it will go to the coffers of Pay pal Every body has to obey the RBI guidelines, it is for the benefit of the people of India RBI are doing things. RBI is doing a very good job to protect the people of India, unfortunately the young people in my lot are not aware of it.
• United States
1 Feb 11
So, I don't get it. If paypal wants to make money, why won't they fix the technical problem for the Indian memberships. They could charge a measly small fee on their Indian members counterpart. That way, Indian members can keep on working on mylot and other websites where mainly pay through paypal.
• United States
6 Feb 11
Well that is sad that maybe many of the Indian members on this site will leave because they will lose so much of their earnings and make it not worthwhile for them to stay with the site. I know a lot of really nice people on here who start and respond to quality discussios. I would miss seeing the things that they put up. I would also miss their comments on my discussions.
4 Mar 11
Hello ramesh My view is- it will not effect mylot population in any way, it is true we were worried, i too withdrawl my money to HDFC bank in india, paypal has followed the guide lines set by reserve bank of india only. Thanks for sharing Cheers. God bless you, have a nice day ahead. Professor ‘Bhuwan’. .