My mobile was buzzing that i got an email in morning. I was shocked and felt so bad to see that paypal almost made as a Dead Meat for Indian Users. No one expected this kind of surprise from paypal team once again after 6 months approximately. Ofcourse this is not the first time that paypal team have sent this kind of email. But this time, its not just tough for paypal users also for paypal. 170,000+ paypal user base is shaken once again by putting a limit of incoming and outgoing transaction, as well as restriction on Outside India Payments and Purchases.
- AlertPay Getting Ready to Increase its Indian Base, Paypal Ready to Loose ?
- So, What can be the Instant Paypal Alternatives ?
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:
- 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.
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.
The PayPal Team
Which means, users wont be able to pay their Web Hosting bills, Domain Booking and Renewals via paypal. It is not possible for everyone to own a credit card to do online transactions. So far we feel like its totally RBI who messes up the things when it comes to Paypal India users. No other country has this kind of limits over paypal accounts.
- Why Paypal and RBI should ask for PAN number when it cannot track the transactions ?
We have to wait for the answer. Lets hope paypal solve this matter in near future.