Paypal Notice: Removal of US bank account for Indians

In compliance with the requirements set by the Reserve Bank of India (“RBI Guidelines”), we are required to remove all US bank account(s) linked to PayPal accounts in India with effect from end of June 2011. In order to continue receiving export-related payments and withdrawing money, all PayPal users in India are required to add a bank account in India. Failure to do so may result in your PayPal account being restricted from receiving and withdrawing payments.

If you have already added a bank account in India to your PayPal account, there is no action required.

has anybody received this?

 

yes, a long time ago, when paypal havent started bank transfers to india. But i have removed it few years ago

 

Seems Indian PP users now having hard time with PayPal. So much restrictions due to govt decision. I heard that you cant pay with your PP funds to others only from CC right?

 

Thanks DON indian paypal users always have scares from paypal.

 

They said from the end of june, does that mean that you can withdraw to a US bank now before the end of this month?

 

yes, india paypal users really unlucky with this staff. they even cant recv any personal payment too

 

should be possible! because you have a whole month left and from july onwards, all US bank accounts connected to paypal will be automatically removed.

 

RBI is putting to much restrictions on Indian its just like we have everything to eat but still we cannot eat , i cant even a domain , i have to put all my money in my friends account who leave in different countries , most of bloggers and Developers are dying to this restrictions

 

No problem for me. I have linked my Indian account only with paypal.

 

One of my friends is thinking about registering an offshore company in any one tax haven and using it for Paypal transactions.

Of course, there will be costs associated with doing this, but it will save him a lot of trouble.

Once an offshore company is formed, RBI can't do anything about it - the company is out of RBI's jurisdiction.

Of course, that is not a viable option for the smaller webmasters.

 

I don't see anything wrong in this rule. If you are an Indian earning money online and depositing it in your non-Indian bank account, how would Income Tax dept. come to know about this money?

 

the most crap thing about paypal in india .you cant pay unless you have cc...i had to comprmise many things because dont have cc

what about them who doesnt confirm bank account still they can withdraw upto $500.but this rule made me think.

 

where you received this email?

i cannot received this type of email?

 

Getting a CC in India is not an easy task. Start to fill ITR and your bank will sure give you a CC.

 

I have my indian bank account connected to paypal ,i normally use it to withdraw money and its fast max to max it takes is 3 days.

 

withdrawl is very easy through paypal

 

And why (The F) they should even know about this - to ultimately route the money offshore again?

Back to the topic, that is one of the most sad and crappy news I ever got to hear in the RBI restrictions fume. I was soon going to add my offshore US account to Paypal and when they are removing existing accounts, no chance to add new ones in any way.

Now Paypal seems to have gone completely useless for Indians. The only solution is to either move the business completely to other payment processors (MB/LR) or incorporate companies offshore, along with offshore Paypals. That's the only way I can think of.

 

This is true.

http://www.techobserver.org/5205.indian-paypal-users-require-local-bank-account-from-end-june.html