Paypal India to follow RBI guidelines
Paypal (Ebay Inc Company) a leading payment processor in the world has now to follow the guidelines of Reserve Bank Of India (RBI) by changing their terms and conditions w.e.f March 1st 2011.
Beginning March 1st, all the Indian yours are required 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")
Amendment done by Paypal in their terms to make their system RBI compliant.
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
Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.
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Comments (2)
Rajesh Kumar Dhiman6
Your Win Always Behind Your Fear
This is mentioned there on FAQ on paypal, for which I given the link... More surprises are there for Indians just wait and watch...
Gautam Jain6
Consultant
In above rule one more thing is added.. that domestic transaction is also not allowed means.. two people from same country can't transfer money from paypal to paypal atleast in India. :)