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Reserve Bank of India nobbles Paypal in India

Bureaucracy at its best

     

anallawalla

4:18 am on Feb 1, 2011 (gmt 0)

WebmasterWorld Administrator anallawalla is a WebmasterWorld Top Contributor of All Time 10+ Year Member



PayPal blog [thepaypalblog.com]
We have 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 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
Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.