RBI Fucked Indian Paypal users

[Mind Freak]

Paypal received a notification from the Reserve Bank of India (RBI) outlining the new requirements for governing the processing and settlement of export-related receipts facilitated by online payment gateways. In order to comply with the RBI guidelines, our user agreement in India will be amended for the following services with effect from 1 March 2011 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.

To our users in India: we truly value your ongoing support and we?re committed to providing you a high level of customer service. We hope this 30-day advance notice period will enable you to plan your future use of our services accordingly. We sincerely thank you for your understanding and patience as we continue to comply with the RBI guidelines in a timely manner.
To our global users: we regret the inconvenience caused from 1 March 2011 when you try to purchase from or send payment to an Indian merchant over US$500 per transaction. For purchases or payments above this transaction value, you will have to use an alternative payment method. By informing you 30 days in advance of this change, we are giving you an opportunity to adjust your payment process to minimize any disruption to your purchase of goods and services from India.
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.

Mind Freak Reviewed by Mind Freak on 28th Jan 2011. RBI Fucked Indian Paypal users Paypal received a notification from the Reserve Bank of India (RBI) outlining the new requirements for governing the processing and settlement of export-related receipts facilitated by online payment gateways. In order to comply with the RBI guidelines, our user agreement in India will be amended for the following services with effect from 1 March 2011 as follows: Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be Rating: 5

[EnCiPh3r]

They Shud just close PP for india wats even use when u cant use it to buy stuff like servers

[Mac]

RBI/INDIA fucked you over, not Paypal.

Paypal has to comply with RBI's rules, not the other way around. Get your facts straight before you point fingers.

[Mind Freak]

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.

[tmk]

That why I don't use Paypal..Alertpay doesn't have this kinda problems.

[umang]

That means: If i get Payment frm Someone frm KWWH (say Mr.XX) So he cant send me Payment as "Services". ?

EDIT: I am Indian. So can i do smthing like this? Tell someone Outside India(say USA) to make account for me in PayPal and then i can use it?

[Michel_Designs]

RBI/INDIA fucked you over, not Paypal.

Paypal has to comply with RBI's rules, not the other way around. Get your facts straight before you point fingers.

100% Agree with .mac..

[Mind Freak]

well atm nothing can be said umang wht they do wht they dont i got the mail suddenly so i posted

and .mac well paypal should stop indian users to use the god damn service

like they did to pakistan

No Gift payments
Now no goods payments
and then no service payments

wht will u do with ur pp account shake it or wht

[tmk]

umang360 ..You need to transer money into your bank account within 7 days and need to link your Credit card if you need to buy something..In short,We screwed!

[Mac]

You think they hate India or something? It's your government or whatever forcing the rules on Paypal.

Blame your country. We can't receive money on Paypal in Croatia, but nobody's blaming Paypal. We're blaming our idiotic laws and the stupid government.