Paypal Restricts The Indian Payments Again
Latest Paypal News For India
Paypal in India has given a 30 day notice for new payments Restictions to all Paypal users in India, as per new changes in user agreement for India to comply with Reserve Bank of India (RBI) guidelines governing the processing and settlement of export-related receipts facilitated by online payment gateways.
Last year Paypal had stopped Personal Paypal payments and electronic bank transfers to India, introduced a purpose code for bank withdrawals, to comply with RBI guidelines and now new limits have been imposed which make Paypal usage practical only for limited funds and small money transfers.
Paypal India Bank Payment Limits
With effect from 1 March 2011, you are required to comply with the requirements
- 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.
Does Any One Think That this is really a bad news for indian publishers and bloggers. Why indian publisher everytime has to seek this problem and a fear of paypal’s and RBI new agreement for India.