Thread: Important Update from Paypal for PayPal India Users : Change in User Agreement

I got following email from Paypal Today. RBI is trying to restrict Indian user from using Paypal. This is weird, What is your opinion on this?



Dear XXXXXX,

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

I got following email from Paypal Today. RBI is trying to restrict Indian user from using Paypal. This is weird, What is your opinion on this?

Perhaps it is weird or Perhaps not. IMO, people need to understand Government's intention behind these kind of restrictions. I've found a blog where I saw some good comments on this topic. Check the below link. I'd suggest read a comment of "Shelly | bricks-n-mortar"

Paypal India Payments Restricted Again!