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

Discussion in 'PayPal' started by Wisden Writers, Jan 28, 2011.

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  1. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #1701
    Now paypal sending official email for below given.

    DON.
     
    deluxdon, May 8, 2011 IP
  2. kiranheartbeats

    kiranheartbeats Well-Known Member

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    #1702
    Ya, just got mail in my inbox. Paypal is really serious on imposing the RBI rules. So within shortly you cannot keep money more than 7 days.
     
    kiranheartbeats, May 8, 2011 IP
  3. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #1703
    Yeap. Maybe that one is also round the corner.

    DON.
     
    deluxdon, May 8, 2011 IP
  4. freeshead

    freeshead Active Member

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    #1704
    Following things will be requored from now on...

    • A purpose code related to the majority of commercial activities for export-related payments
    • A PAN or Permanent Account Number
    • A bank account in India (if not previously added)

    What is the purpose code ?
     
    freeshead, May 8, 2011 IP
  5. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #1705
    Such as advertising,freelancing,journalism writer etc. You need to go with one which suits you better. Options available there in your pp account.

    DON.
     
    deluxdon, May 8, 2011 IP
  6. freeshead

    freeshead Active Member

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    #1706
    got it. i am mentioning it while withdrawing.
     
    freeshead, May 8, 2011 IP
  7. RamCity

    RamCity Peon

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    #1707
    This purpose code was there before too when you withdraw to your bank.

    It seems PayPal is going to inform RBI about the source of the money they are shifting to your Bank account.
     
    RamCity, May 8, 2011 IP
  8. darknight2010

    darknight2010 Well-Known Member

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    #1708
    I think You are Right,

    We all gave this code before withdrawing .

    its just shifted to home page thats all.
     
    Last edited: May 8, 2011
    darknight2010, May 8, 2011 IP
  9. nihangshah

    nihangshah Prominent Member

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    #1709
    If you choose to withdraw by check, Paypal India doesn't ask for Purpose code or PAN card!

    Isn't that weird?
     
    nihangshah, May 8, 2011 IP
  10. RamCity

    RamCity Peon

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    #1710
    Yes we used to provide that code at the time of withdrawal. And now it is shifted at the my account page until you fill up the code.

    Because the cheque itself is the source of the money. :)

    In regards of Electronic Transfers, be it NEFT or SWIFT, there are few mandatory rules.
     
    RamCity, May 8, 2011 IP
  11. joshuthomas

    joshuthomas Well-Known Member

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    #1711
    As per my observation, paypal never told what is going to happen if you dont withdraw..
    I tried without withdrawing for more than 10 days and nothing happened..

    regards
    josh
     
    joshuthomas, May 8, 2011 IP
  12. kiranheartbeats

    kiranheartbeats Well-Known Member

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    #1712
    Paypal will not do anything until they implement the rule. After implementing it will automatically withdraw money if it is above paypal withdraw limit.
     
    kiranheartbeats, May 8, 2011 IP
  13. unna

    unna Well-Known Member

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    #1713
    Yes Paypal is updating day by day. The 7 day withdrawing rule is not working yet.
     
    unna, May 8, 2011 IP
  14. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #1714
    But we need to wait a lot for that and sometimes there is chances of loss of check too.

    DON.
     
    deluxdon, May 8, 2011 IP
  15. joshuthomas

    joshuthomas Well-Known Member

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    #1715
    Yes not implementing the rule yet - I agree.
    But there are so many rules and regulations and for people in india there is no better alternatives too..

    The exchange rates are so harsh and cut throat. It makes no sense for smaller users like if you have 10 USD in your account (500 Rs) withdrawal fees is 50 Rs (1 USD) that's sad right?

    josh
     
    joshuthomas, May 9, 2011 IP
  16. Bohra

    Bohra Prominent Member

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    #1716
    This is hurting me hard since i wont go for a credit card its just not worth the pain to go for cc in india damn i wish debit cards start working soon
     
    Bohra, May 9, 2011 IP
  17. nihangshah

    nihangshah Prominent Member

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    #1717
    Same here. I'm not getting CC just for the sake for using it on PayPal.
     
    nihangshah, May 9, 2011 IP
  18. Card

    Card Well-Known Member

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    #1718
    Everybody knows that Credit Card is pain in head,but for now it is only source and sending option :(
     
    Card, May 9, 2011 IP
  19. chandan123

    chandan123 Prominent Member

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    #1719
    just get a vcc from hdfc and use that.
     
    chandan123, May 9, 2011 IP
  20. ishan

    ishan Prominent Member

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    #1720
    PayPal has asked for withdrawal reason and PAN card number to be applied to the account. We were able to select it earlier.

    This could be a way to go ahead with Automated 7 day withdrawals in the near future.
     
    ishan, May 9, 2011 IP
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