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Monday, January 31, 2011

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RBI Forces Paypal To Amend User Agreement For India [More Regulation]

Paypal has amended its user agreement for India, and it shall be effective from 1st March, 2011.

Here is the impact of amendment:

PayPal will not allow users in India 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.


PayPal will not allow Indian users to keep money in 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.


Top Paypal Alternatives in India

Cash is King. Long live the King.

Review of Payment Gateways in India

The Status Quo of Payments in India

35% of Transactions Were Electronic in 2009-10 [RBI’s Annual Report]


Customers in India will NOT 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.


Overseas customers will not able to complete purchase or pay via PayPal for amounts above $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. 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.

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.

Paypal started sending the amendment message over email & through their blog to all Indian users starting at 12:00 PM tonight. Expect more chaos tomorrow morning, but thankfully, Paypal has given 30 days advance notice to all users to adapt according to the new circumstances.

Their email reads …

Dear user,

As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.

With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (“RBI Guidelines”).

In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:

  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.

We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

We regret any inconvenience caused to you and hope the advance notice will enable you to plan your future use of our services accordingly. For further information, click here.

If you have any questions, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page. We sincerely thank you for your patience and continued support.

Sincerely,

The PayPal Team”

Well, since this is RBI’s enforcement, one can take it as written in stone. The question is, how tough the situation has now become for entrepreneurs to compete and stay level in the international business arena? Was the leadership correct to stop payments earlier last year, and is the approach right this time to stop incoming business and money?

Ceiling @ US$500 per transaction sounds cheap to me does it not?

What is happening?

[Qn: Paypal Alternatives in India?]


Link to full article

Online Train Timetable Service Ekitan Goes IPO

An online train timetable service that goes IPO? It may sound ludicrous to people living outside Japan, but Tokyo-based Ekitan is doing exactly that. The company will be listed at the Mothers Market (for high-growth and emerging stocks) of the Tokyo Stock Exchange on March 3 (code 3646).

Ekitan started as a Toshiba in-house venture project in April 1997 and started to operate independently in January 2003. The company has 69 employees and is 60.99% owned by Tokyo-based private equity fund Polaris Capital Group (Polaris bought out Ekitan in 2007).

Ekitan runs fixed web and mobile train timetables. For the mobile versions (available on Japanese feature phones and smartphones), the company reported 1,751,579 free and 851,657 paid users in March 2010 (the end of the last financial year). The web version is free to use.

At the end of the last financial year, Ekitan reported $29.6 million in sales and $6.1 million in operating profit, meaning we will probably see a rather small IPO.

Ekitan is competing with other services in the “train timetable space”, including Navitime, Jorudan and tons of other sites that offer similar functions. Jorudan went IPO in 2003 at the Hercules market for startups in Osaka.


Link to full article

Top Alternatives Of Paypal For Indian Entrepreneurs [Updated]

Ah! From comments on our today’s coverage on how RBI has restricted incoming payments to India, it seems that it has really become difficult for small businessmen and entrepreneurs to do business from India. At this moment, remaining competitively available to our customers outside is important for us, and to support this I have compiled a small list of options for online payment transactions.

Please share if you have more names of online payment services in/for India and we will mention it here. Also please let us know your views on quality of these payment services if you’ve used them before!

It is understood that RBI’s restrictions will apply on every other payment gateway service over the planet (pretty much the same way it does to Paypal), and the only approach for Indian SMEs/businessmen would be to convince RBI’s understanding on the subject. Fingers crossed, till office re-opens next week.

Here it goes the list:

AlertPay

Google CheckOut (launching in India)

OboPay

Moneybookers.com

paymate.com

payments.amazon.com/sdui/sdui/personal/money

www.e-junkie.com/

www.kagi.com/

www.digitalriver.com

www.bitcoin.org/

neteller.com

CCNow

DirecPay

Liberty Reserve

Strictpay

Perfectmoney

TrialPay

Remit2India – by Times of  Money

The list & short reviews will be continuously updated; please send in your responses through comments below.

- Pi Team

Recommended Read:

AlertPay: Alertpay is a great way to make online money transactions. It has good security features that match up to Paypal. It is a is a free to join internet payment service allowing you to send and receive money online. Alertpay has an easy interface for users to operate. It is suitable for both – the beginner who just transacts in a few hundred dollars as well as regular internet merchants who have much higher amounts in their account. Over the last few years, AlertPay has continued to improve its features to provide as high reliability as Paypal. In Alertpay you can register with both- a business account or a personal account. A business account in Alertpay allows you to accept credit card payments as well.

Google CheckOut: This is an extremely safe way for online buyers and sellers to transact money. None of your personal details will be shared as they will be held secure with Google itself. By using the Google Checkout service, you do not need to share your details with vendors online. Most people have begun to prefer Paypal over Google Checkout due to the Google brand name in it. They have a well-designed user dashboard where you can track all your orders and shipping in one place.

OboPay: OboPay became popular mainly when Paypal services were suspended for 5 days. OboPay provides instant money transfers via cell phone and internet. The registration for new users is free and they do not charge you anything for receiving payments. It supports all kinds of online payments such as sending, receiving, purchasing via online stores etc. Similarly, just like Paypal allows money transfer directly to your bank account,  you can move money from your Obopay account to your bank account.

If you want to register for any of the above online payment services above. I have hyperlinked them to the site’s homepages. You can register yourself and make use of their services. Although, these alternatives to Payal are quite good.


Link to full article

Did You Know That You CANNOT Link to RBI Website Without Written Permission? [Super Hilarious]

Okay. This is quite hilarious.

RBI has almost killed Paypal in India, and while both the parties are to be blamed for the situation, we just found out that one cannot link back to RBI website without their permission and if you do, you have to notify RBI in writing! [that you are sending them a link love!]

From RBI’s disclaimer page [we find it difficult to send snail mails (snails went out for shopping last year and haven't come back), so no link : http://www.rbi.org.in/scripts/disclaimer.aspx].

Few ‘insightful’ points are highlighted.


Links to this Web Site from other web sites

Except as set forth below, caching and links to, and the framing of this Web Site or any of the contents are prohibited.

Linking to the Home Page - You may link to the Home Page of this Web Site, http://www.rbi.org.in upon notifying RBI in writing.

For hyper-Linking to an internal page of this Web Site (not being the Home Page) the user must make a specific request for, and secure permission from RBI prior to hyper-linking to, or framing, this Web Site or any of the contents, or engaging in similar activities. RBI reserves the right to impose conditions when permitting any hyper-linking to, or framing of this Web Site or any of the contents.

Linking to, or framing of this Web Site or any of the contents constitute acceptance of these Terms & Conditions of Use. This is deemed to be the case even after the posting of any changes or modifications to these Terms & Conditions of Use. If these Terms & Conditions of Use are not acceptable to the user, he should discontinue linking to or framing of this Web Site or any of the contents.

RBI reserves all rights to disable any links to, or frames of any site containing inappropriate, profane, defamatory, infringing, obscene, indecent or unlawful topics, names, material or information, or material or information that violates any written law, any applicable intellectual property, proprietary, privacy or publicity rights.

RBI reserves the right to disable any unauthorised links or frames and disclaims any responsibility for the content available on any other site reached by links to or from this Web Site or any of the contents.


And all this, when the RBI governor is a IIT/MIT alumnus!

[We hope its alright to send a hyperlink to RBI's page on Wikipedia, without any written permission]


Link to full article

Emerging Enterprise Award 2011

The Business Times and OCBC Bank first launched the inaugural Emerging Enterprise in 2008 to recognise oustanding small and medium enterprises (SMEs) in Singapore. Winners of the Emerging Enterprise receive attractive prizes to support their growth and development. The Emerging Enterprise marks a first in the SME industry for being an award that reaches out to smaller businesses.

The Emerging Enterprise 2011 is co-presented by The Business Times and OCBC Bank, and supported by RSM Chio Lim, SPRING Singapore, NUS Extension, Acorn Marketing & Research, and SingTel.

Past winners have included KAI Square (2010) and Scrawl Studios (2008)

Prizes

3 top winners each receive:

+ S$150,000 in cash
+ S$90,000 worth of professional services and training programmes
+ Support from SPRING Singapore in capability development

2 winners will also stand to win S$30,000 worth of prizes for the “Best Innovation Award”

Qualifying Criteria

All applicants should meet the following criteria:

• Be registered as a sole proprietorship, partnership, limited partnership or private limited company in Singapore.
• Be at least 30% owned by Singaporeans or Singapore Permanent Residents.
• Have no more than 20% in corporate shareholding. The net tangible asset of the corporate shareholder shall not be more than S$50 million.
• Meet annual sales turnover of not more than S$10 million as at the last financial year.
• Have at least 1 year but not more than 10 years of business operations.
• Have fixed assets of not more than S$15 million.
• Employ no more than 200 employees.

Judging Panel

Mr Alvin Tay, Editor, The Business Times

Mr George Lee, Head, Group Investment Banking, OCBC Bank

Mr Tan Chor Sen, Head, Emerging Business, OCBC Bank

Ms Chew Mok Lee, Group Director (Entrepreneurship & Innovation), SPRING Singapore

Mr James Tay, Director, NUS Extension

Mr Lim Lee Meng, Senior Partner, RSM Chio Lim LLP

Mr Danny Lai, Country Business Manager, Singapore, Acorn Marketing and Research

Mr Dumas Chin, Vice President, Business Sales, SingTel

Timeline

18 January 2011 Call for submissions

31 March 2011 Submission deadline

18 April 2011 Verification, review and shortlisting of entries

25 April 2011 Finalists are notified

27 May 2011 Briefing to finalists on final judging requirements

2 & 3 June 2011 Final judging

Results will be kept confidential until the award ceremony.

Late June 2011 Award ceremony gala dinner


Link to full article

Meet Jas Charanjiva- The Entrepreneur On Street [Graffiti Message Art]

Meet Jas Charanjiva the founder of  Life on Mars – A Factory of Art and Design. Jas was brought up at California where she pursued street graffiti, underground art with a bottle of spray paint simply to disrupt or protest. In her earlier avatar she has worked for one of the leading entertainment firms in NYC besides freelancing. Now she is in India, and Mumbai is where she started her own design studio.

Jas has been a prolific underground street artist before she even thought of converting here passion into a business. Converting free thinking art-form into cool and edgy urban designs which has the potential of becoming cult art, Jas says.  As we went through interviewing her, we realized how important it is for an entrepreneur to have a firm belief on his work. Only then one can challenge the ordinary and transcend the pain. Read on…

What is art and how do you describe your work? Tell us more about Life on Mars?

I like what Gary Baseman said in an interview once – “I have a very liberal definition of what art is. I have a conservative definition of what good art is.” I am the same way. My work is urban, low-brow art that often has some meaning underneath. Sometimes the meaning is obvious like a protest and sometimes the meaning is subtle or hidden.

Life on Mars is the art and design brand I have started to showcase and commercialize my signature graffiti art on commercially available merchandise and as commercial art. My art is inspired by the song Life on Mars by David Bowe. Its about a girl who wonders if there’s life on Mars because she’s not happy with the way things are on Earth. I can relate to that girl and the characters I create are a reflection of that girl.

What is your background and training in art?

I have no formal training in art. I just grew up drawing and painting and found inspiration in all kinds of places. I feel that is one reason why I have a certain uniqueness about my work.

What inspired you to start-off graffiti art?

My upbringing in California is completely responsible for introducing me to this underground art. I fell in love with the art found on skate stickers and the back of skateboard decks. The one distinction that stands out immediately is some of the graffiti seen in California is the richness of Latin culture. There’s also a  lot of California graffiti artists who prefer the classic graffiti styles. It’s nice to keep the classics alive while the new and fresh style pop up every day. I grew up watching this street art in the alleys of San Francisco and Thrasher Magazine (skateboard magazine from San Francisco). So I guess the surrounding to which I was exposed to at an early age, helped me develop that taste and the eye for observation and unique taste required for developing and appreciating this art-form.


What are the challenges you have faced or are facing to start off?

As any entrepreneur, my biggest challenge is funding. Very honestly I believe in my gut feel and some where deep inside I knew that my work has the full potential to be commercialized in India. I have been approached by people who wants my art in merchandises I take these things as good indicators of there being a demand for my type of work. Many of the underground artists, in the US especially, who’ve crossed the line to do some commercial work (collaborations with big companies, product lines, etc) have fared quite well. I can constantly see the loyal fan following (however little it is) for my work and I believe its just a matter of time when I see my work getting noticed in a major way.I’m not worried about people not being interested in my work. All I need is to be able to afford a big enough space and a good team so I can efficiently create work.

What is your comment on the maturity of this form of art and its acceptance in India?

There’s a growing interest in graffiti here in India and with the internet people who are interested in graffiti can witness the impact street art has in different cities around the world. I’ve given lectures on graffiti and underground art. Most of the people who attend the lectures may not know the artists by name or may not have seen majority of the work I show them but everyone in the room shows keen interest and appreciation. The movement here has started.


The Wall Project [read my last post here] in Mumbai has made it pretty common for people in places like Bandra to see graffiti on walls. That’s a good start but it certainly doesn’t stop there. My cause is to encourage talented artists whose work has the right appeal for the streets. I want to see work that has meaning, statements, purpose but I want it to look appealing at the same time. Cities like Mumbai and Delhi have potential to be cities with impactful street art like Berlin, Amsterdam, NYC, Rio de Janeiro to name just a few. Encouraging talented artists is not enough. Property owners and city officials also need assistance in getting exposed to the beautiful art out there. As far as unauthorized street art goes, I’m all for it as long as it’s done in a place that makes sense and it’s not done by some person who foolishly uses a spray can to paint nonsense that has no purpose and no style. That type of person hurts the street art movement.

What entrepreneurial qualities does one require to venture into art as business? What should be the driving force for such a venture?

Innovation and self-promoting skills are crucial. A lot of traditional artists are reserved when it comes to promoting their own work. Since graffiti and underground art are a part of that DIY culture so self-promotion and strategizing alternative ways in getting your work seen by the public comes natural to some underground artists. Case in point, street art. Whether it’s authorized or not, the art is seen by hundreds of people walking past it. Taking it to the next level for some of these underground artists may be to show their work in a gallery or to start selling their work to a wider or new segment. Their innovative and self-promotion skills will give them a leg up. Adjustments and evolvement may need to take place when venturing into a new arenas especially when your work is not mainstream. Knowing how to appeal to the new audience without compromising not only takes innovation and self-promotion skills but also believing in yourself and your work.

Well from Jas’s answers it is not hard to guess that entrepreneurship in any form has the same set of challenges. Work, pitch, funding, sales and visibility. It is all about pursuing a dream, whether technology, music or even street painting!

Isn’t it?


Link to full article

4 and More >>

Today, we have turned 4 years old and I want to thank all our readers for their support and love they have rendered on us (including brickbats).

Pluggd.in was started as a part time initiative, out of frustration of seeing mainstream media not doing enough for product startups in India (they still don’t!)

Around 1.5 years back, I moved full time into this, hired great team and we have now built one of the most popular visibility platform for Indian technology entrepreneurs.

Even though we are a lean team, we are head-on competing with mainstream media sites and have already went past some of them in traffic.

What next for Pi?

We recently asked for feedback/suggestions from our readers and you will soon start seeing the implementation of these suggestions very soon.

Our flagship event, UnPluGGd has been a trendsetter when it comes to serving insightful content to Indian entrepreneurs. You will soon notice some of the related areas that we will expand into.

We have great plans lined up for 2011 and I look forward to your company in this journey!

  • If you have suggestions/feedback for us, do share (in the comment section or simply fill up the form embedded below).
  • If you see a common focus and you think we can do business together, just drop me an email (ashish at pluggd dot in).
  • If you are an advertiser who wants to reach out to India’s early adopter community, shoot us an email (sales@pluggd.in)
  • If you want to be part of the Pi team, shoot me  an email (ashish at pluggd.in)

Thank you all. Thank you once again!

- Ashish Sinha (on behalf of the Pi team).

PS: If you enjoy Pluggd.in, do follow us on facebook,  twitterRSS feed or Newsletter. And if you have benefited from Pi, do send us a testimonial.


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Help us improve. Tell us what you expect from Pluggd.in. How else can we improve?
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