Saket Jajodia

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Indian Government Shutdown Paypal In India

Hi! Everyone, hope you all are fine.
Today in this post I will tell you about why PayPal in India getting shutdown. Today early morning I got an email form PayPal telling

Reserve Bank Of India (RBI) And PayPal

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:

  1. 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
  2. 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, clickhere.

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.

Sincerely,

The PayPal Team

It means from 1st of March 2011 people in India using PayPal for their transaction will not able to do transaction for more then $500 (USD) and if they need to transfer all their money from PayPal to their local bank account within 7 days. If you need to pay anything via PayPal you need to like your Credit Card with your PayPal account. This is done under the guideline of Reserve Bank of India (RBI).

So what you think about it? And I am searching for some alternative of PayPal so I can help you all, if you know any do let me know by commenting below.

Update:- Read more insight about it on Techie Buzz

Comments

  1. Satya says:

    Hi Friend,

    U r right evnen i got that message too..please let me know if u know any other way to do transaction.

    thanks
    satya

  2. Naveen says:

    hey good one dude….

  3. Someone says:

    Use AlertPay!

  4. Arul Prakash says:

    Thanks dude..

  5. Mahesh K.S. says:

    use liberty reserve is also good one

  6. newsnviews says:

    I would suggest money booker, alertpay and liberty reserve

  7. M. Sri Ram Muthy says:

    Thank You!

  8. Gobindsing says:

    I have received the same message, pls note, it says “US$500 per transaction” which means that there is no limit to the amount you can receive but no SINGLE transaction should exceed US$500. This action is obviously to prevent tax evasion and money laundering. A better alternative is, of course Moneybookers as they pay by check in Indian Rupees and charges only Rs.100 for each check payment. Alertpay fees are very high and Liberty Reserve supports all the HYIP programs and does not pay directly but through some exchange where you would end up paying as much as 10 to 20% for each transaction.

Reply

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