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
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, 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.
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