RBI Implement New Rules on PayPal India Users - YourDataPlan - Telecom Updates & Gadget News

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RBI Implement New Rules on PayPal India Users

Reserve Bank of India i.e. RBI which controls and monitor all financial banking transaction in India has restricted the online money transaction site Paypal services.

In recent statement RBI has said that PayPal users should transfer all their received money from PayPal account to the Indian bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. — as said previously, this is operative from 1st March, 2011.

What Paypal is saying ?:


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.
                 
Sincerely,
The PayPal Team

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