Paypal India users are now under new limited Paypal guidelines restricting money transfer, payments for goods and services and accepting money online.
Paypal had warned about the upcoming changes a month back to comply with Reserve Bank of India guidelines. As Paypal users, mostly freelancers are affected and look around to find a new money transfer agent, here is the login screen which greeted Paypal India users today.
Here are the highlights of the new Paypal policy.
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”).
- 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.
How has this Paypal restriction affected your business. Post in comments.
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