Today Paypal has sent out a 30-day advance notice to Indian users to "comply with the RBI guidelines" laid down for the online payments services. From March 1, 2011 onwards Indian PayPal users won't be able:
- PayPal willn't allow users in India to receive > US$500 payments for any export-related goods or services
- PayPal willn't allow Indian users to keep money in PayPal balance -- All money received into a PayPal account must be transferred to a customer's India bank account within 7 days from the receipt of confirmation from the buyer.
- Customers in India willn't be able to complete their checkout with their PayPal account balance. They'll need to link a credit card to their account in before sending you money with PayPal.
- PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction.
Here's PayPal's email:
More Info: PayPal India
[tags]rbi,reserve bank of india[/tags]