PayPal Notifies Clients In India About Changes in Policy
PayPal has announced some changes that are to be implemented in the branches in India as means to comply with the requirements of the Reserve Bank of India which makes it necessary to amend PayPal’s user agreement.
Thus, as of March 1, 2011, the customers in India will not be allowed to receive payments for goods or services that are related to exports, if the amount exceeds $500 per transaction.
PayPal costumers in India will not be able starting 1 March 2011 to keep money in the account balance, but the money received into the PayPal account must be transferred into a bank within 7 days after receiving the confirmation receipt of the good or service.
Another measure PayPal will employ starting March 1, 2011 will be not to allow customers in India to send money from their PayPal account balance.
The customer will need to link a credit card to the account before sending the money with PayPal.
Starting March 1, 2011, the customers who want to receive payments of more than $500, they will have to find different means of doing it because PayPal won’t allow payments that exceed this sum to be received.
All these requirements are meant to comply with RBI Guidelines.11