Speak Asia’s Chief Operating Officer (COO) Tarak Bajpai arrested

After freeze of  Bank account of Singapore based company Speak Asia, Mumbai Police arrested Tarak Bajpai Chief Operating Officer (COO)  of  SpeakAsia.com around 2 Am.

speak asia logoTarak Bajpai was arrested from Indore and then taken to Mumbai. He was taken in custody for questioning regarding online survey Scam. Speak Asia charges Rs 11,000 or nearly $ 244 for annual membership and promise to get back it in less than 4-5 months by doing online surveys. It is obvious that Speak Asia online surveys is a Fraud or Scam but then also millions of people have invested in this fraud from all over world.

Earlier Cid had frozen their bank account after filling FIRs and PILs regarding multi-level online surveys fraud. Bajpai said that he was arrested for a small investigation and thus members of  Speak Asia has not to worry as management of the Company will support all members.

There is hold on all payment to all members till investigation gets completed. All bank account and money flow are being closely looked into.

See video below:

References: Timesofindia ,India Today and oneindia.

Bad news for Paypal user in India.

If you are in India and use PayPal for transaction, then there is some bad news for you. PayPal is going to amend their user agreement in India according in order to comply with the RBI Guidelines.

  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.

This amendment will be in effect from 1 March 2011.

Paypal india Issue

Frequently Asked Questions:

Q: Why will PayPal not allow me to receive more than US$500?

Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Why will PayPal not allow me to keep money in my PayPal balance?

Starting 1 March, 2011, PayPal customers in India will not be able to keep money in their PayPal account balance. Instead, all money received into a PayPal account must be transferred to a customer’s India bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Will my customers be able to complete their checkout with their PayPal account balance?

We’re glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: The customers on my website are not able to complete purchase or pay via PayPal. Why?

Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. If you are listing products greater than US$500 per transaction then you may need to seek alternative methods of payment. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: What is meant by receipt of confirmation from the buyer in respect of goods and services?

As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account.

For more info click here

Credit : Amit Agarwal from labnol