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The last few days of the February month has been a nightmare for many Indian people as there is a halt in the Payment to and from India by PayPal. PayPal is one of the best online Payment System. Millions of people all over the world use PayPal as their online payment solution. It can be said that PayPal is the king in the online payment gateway. Due to the sudden disruption by the PayPal there was a chaos in the online business for many online doers’ people especially Indians.
There was a lot of PayPal payment reversal which caused a headache for many online business workers, the payment they got from their clients got reverted back to the client making their PayPal account negative. Lots of people felt like working for nothing because as soon as they get the amount, it gets emptied again. Many people decided not to work online for a time period till this PayPal reversal problem got solved.
The main reason of the PayPal reversal was due to the personal payment people use to make. PayPal had some problem with the Indian regulator which made them to disable the personal payment to and from India. Personal payment in PayPal is used to make payment where there is no need to pay any fees. Since there was no involvement of fees, lots of people use to send money through personal payment.
Personal payment has been removed from the Indian account users. Although other countries user can use the personal payment but they can pay the India as the country India will not be in the list. Earlier all kind of transaction which was made through Goods and Service was also reversed back but from yesterday 10th February, the reversal problem got solved. There is no more payment reversal. We requested all our clients and Company to resend the money which got reverted back to them and luckily they did.
The amount which made a withdraw on Last week of January and in the first week of February didn’t reach any Indian bank, the money was later like 2 days back got credited back to the respective PayPal account. In that duration, PayPal credited only the amount that was generated after the currency exchange and the processing charge. So we lost few dollars in the currency exchange. We thought that was not a fair play by PayPal but PayPal repaid the entire Indian PayPal user that money we lost while currency exchanges. That’s really great thing PayPal did and they have gain the trust again.
Currently almost the reversal problems by PayPal to and from India are solved. The only problem that is still continuing is Withdrawal to the bank. PayPal said that Indians can withdraw money within few days till then we have waited.
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Posted in Banking · February 16th, 2010 · Comments (0)
From this point, was to increase the number of U.S. financial institutions seeking government assistance. The government tried to support some of the absence of institutions with hundreds of billions of dollars in taxpayers’ money, however, as economic instability, swelling, liquidity in the credit market has not improved. As a result of the nationalization of some banks has become a disputed topic.
At first glance, looks like the nationalization of a viable and attractive solution. Good assets are returned to the private sector and toxic debts are divided, contained and addressed. So what is down? Why would the government act quickly to nationalize the banks and remove this anchor on the U.S. economy? First, the nationalization of banks would eliminate the shareholders. Second, banks may be changed in the interest of politicians. Finally, the nationalization of the bank can reduce the value of the U.S. dollar.
Complete nationalization of banks such as Citigroup and Bank of Bank of America will destroy shareholders. Although the president, Obama said that his administration is not interested in controlling Bailed out banks, it could be argued that when the government becomes the majority shareholder, it is under control, and the bank is essentially a public company. In the case of bank Citigroup, for example, the third phase is scheduled to leave the U.S. government rescue of holding 40% shares of Citigroup’s. If the U.S. government would nationalize the bank, the bank Citigroup preferred stock owned by the government will convert into ordinary shares and, consequently, the current shareholders will be destroyed. This is one reason the current pressure on bank stocks. As the world watched on February 20, 2009, fear that the government will fully nationalize banks has caused shares of Citigroup Bank and Bank of America fall.
Government control over these two giant banks could ultimately benefit the politicians. History proves that when the federal government-owned commercial banks, he abused his power. Although only 20% of the Second Bank of the United States, was owned by the government, the bank effectively controlled by the President and Congress. It was riddled with fraud and corruption, and ultimately went bankrupt. The most recent example is the house bank. In addition, we must not forget that these financial institutions have been large, but less complicated and only works with millions of dollars in assets. Today banks are interconnected throughout the system, and they control trillions of dollars in assets worldwide.
Even if the Obama administration is against the direct control of banks, the government will still own 40% of the shares of Citigroup’s. As a result, the government’s largest shareholder, and some may argue, resulting in the bank, which will be driven by political goals, to some extent. There are already political rules and restrictions that are putting pressure on financial institutions, but with public property, this policy could dramatically intensify.
Nationalization of banks may also have a negative impact on the U.S. dollar. If the exchange rate of the dollar falls against other currencies, the U.S. could experience an increase in its debts and liabilities. Thus, American taxpayers will stand to lose the most. Such negative effects of nationalization have already seen in other countries. For example, in February 2008 the British government nationalized the bank Northern Rock. As a result, the British pound fell from 1.9638 to a minimum of 1.9363 within 3 days of trading.
There is much disagreement about the Citigroup Bank and Bank of America should be nationalized. Those who oppose the issue believe that the nationalization of the bank will erase the current shareholders could benefit from U.S. politicians, not the taxpayers and may increase the debt of the Federal Reserve and obligations in relation to the possible fall of the dollar. In addition, nationalization would almost certainly mean more rules, which would reduce the incentives and may weaken the economy further. While some may find short-term benefits of the nationalization of banks in the U.S., we must not forget that everyone goes to the benefit of greater value long term. In this case, taxpayers will pay a high price.
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Tags: bank nationalization, banks, citigroup, financial institutions, nationalization
Posted in Banking · November 23rd, 2009 · Comments (0)