Important Update from Paypal for PayPal India Users : Change in User Agreement

I just purchased a domain from name.com with my paypal balance. it worked !

 

I just made a payment - PP india to PP india - it's working so far.. I hope no reversals come up later.

 

Well, Anybody saw this message when login into pay pal account...

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. Click here to learn more.

 

yeah several people started getting this message after login to paypal accounts.

 

Shhhh, act as if paypal has successfully put the rules.

Acting ............

RBI and Paypal, you are shit ...........

You don't allow me receiving more than 500$ and wtf why I have to withdraw after every 7 days ?

 

The Happy days are Gone Buddy

 

Hey Guys,

I had 2 payments of more than $500 on 1st March and it was allowed. Also, I could make a payment in $xxxxx to my datacenter without any issues from PayPal balance.

I called PayPal 2 times recently. On 31st March to clear the things about the $500 cap and 7 days bank transfer, they told me that - they may "Limit" my account if I fail to comply. And now, when I had those transactions, a representative clearly told me -

1. These rules are not imposed till now, and I will get a confirmation via email if it gets implemented.
2. It's totally safe for now as the system allowed my clients to send $500+ and this will not cause any harm to the account, guaranteed.
3. I can keep the balance in my PayPal account until that notification mail is served after imposing the rules.
4. Also, they are looking to resolve these issues with RBI and hopefully these may not get implemented ever.

I am waiting for such a mail or a news from PayPal at the same time I hope this never get imposed, it will save millions of businesses relying on PP.

Anyone wanting to contact PayPal, go through the account and generate WebPin, then call their number with Skype, it's free. Alternatively you can call +18882211161 freely with Skype.

- Vijay

 

Yes it will be good and save thousands of Indian online business people. We all Hope RBI withdraw their limitations.

 

One question-

If my paypal balance is $500 and i refund 2k to someone then $1500 will be deducted from my credit card right?

 

can we able to use cc with refund ?

 

thats my question if i can use cc while doing refund?

 

still no any problem in sending money through paypal....what is this i can't understand??

 

I can only say; "Everything is fair in love and war".

 

To undersatnd -

1. Read the thread (at least 2 posts above yours )
2. Call PayPal

- Vijay

 

i asked to paypal about this sending problem
i have got 1 email from paypal:-

Starting March 1, 2011, PayPal customers in India should not send money
from their account balance. This change is to ensure that we continue to
stay compliant with the latest RBI guidelines. PayPal will begin to
monitor customers who fund purchases from their balance. PayPal is
making changes to their website that will prevent users from using their
balance. You don't have to worry about the payment you sent last
February 28, 2011 because the policy has not yet been implemented.
However, starting March 01, you will no longer be able to send money
using your PayPal balance.

As of this time, I may not be able to address your concern about the
consequences if you won't be able to send payment using a credit or a
debit card as well as the penalty along with it, but I am diligently
noting down all inquiries and will be collaborating with my supervisors
for any updates or additional information. I assure you that as soon as
we gather relative answers to your queries.

Thanks

 

I hope the issue will solve..let the fingers cross..and wait for the next notification mail from paypal.

 

As paypal has declared Indian can't use paypal balance to pay, i dont think $500 will be deducted from PP balance.
If they allow its good, but bad too as we have to make transaction in hurry to manage those 500 dollars.

 

Thanks for the information, Vijay.

I am wondering how you managed to contact them on 31st March

 

ofcourse i guess, if your cc is connected to paypal, then it would charge the cc and paypal balance would remain intact. We should get a detailed clarification about these from paypal shortly. I am sure they"re setting things up.
RBI wants Paypal to act like a bank and pat interest which they never will.

 

Indian PayPal users can not issue refunds from their credit cards. Only US PayPal account holders with confirmed bank accounts can fund refunds from their bank account balances. Indian PayPal account holders won't be able to issue the refund until you receive money to your PayPal balance.