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PayPal India Changes Rules, Limits Payment To A Max Of US $500

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Paypal-India-RBIIf you are based in India and are using paypal for services provided to your foreign clients or accepting paypal as a mode of payment for some other products sold by your website then you have to read this carefully.

Paypal Asia Pacific, just release a news post which will come in effect starting March 1, 2011 and believe me the news is not good for you.

In order to comply with the RBI Guidelines, you’ll not be allowed to receive payments that exceed $500 per transaction. Also starting March 1, 2011, you won’t be able to keep any money in your online PayPal account what this means is all money received into PayPal must be transferred to your Indian bank account within 7 days, and thats not all starting the same date if you want to buy something from your money in paypal account you won’t be able to do so, instead you will first have to transfer the money from your credit card or bank account to your paypal account and then you can use that money to buy some goods online.

So overall its not a good thing but the rules come from Reserve Bank of India so we doubt if Paypal can do anything about them.

Below is the complete post on Paypay APAC – India.

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.

Sincerely,

The PayPal Team

PayPal India Changes Rules, Limits Payment To A Max Of US $500 originally appeared on Buzzingup


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