Paypal changes policy March 2011 for Indian citizens

paypal india

Paypal is once again changing policy for Indian citizens yes it has negative effects I think. Now you need to withdraw money from your account in 7 days if you are 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. For further information, click here.

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. We sincerely thank you for your patience and
continued support.

Sincerely,

The PayPal Team