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

Now that's one thing which everybody wants to know. I wish I could write here that there is 'no fees'.

 

Completely agree with your POV about paying interest on balance; but the thing is that Paypal doesn't have a formidable competitor yet so they are in position to abuse their monopoly status.

In either case, it's a completely ridiculous and once sided restriction and needs to be revoked immediately.

 

It's 1st march in US. Please try now to send money and see the results.

 

Failed to SEND money now

Just curious to know can others send payments to India PayPal account from their paypal balance.

 

I had sent just 3 seconds ago. It works smoothly.

 

Only 20 minutes left. Lets see what happens.

 

What error did you get while sending ?

Also, if someone sends in an invoice, is that gonna work ?

 

i sent again and it worked for me too

 

Frequently Asked Questions:
Q: Why will PayPal not allow me to receive more than US$500?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Why will PayPal not allow me to keep money in my PayPal balance?
Starting 1 March, 2011, PayPal customers in India will not be able to keep money in their PayPal account balance. Instead, all money received into a PayPal account must be transferred to a customer's India bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Will my customers be able to complete their checkout with their PayPal account balance?
We're glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: The customers on my website are not able to complete purchase or pay via PayPal. Why?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. If you are listing products greater than US$500 per transaction then you may need to seek alternative methods of payment. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: What is meant by receipt of confirmation from the buyer in respect of goods and services?
As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account.

 

Oh man.. this stinks. I just realised that we can't accept payments too, unless the other party's got their PP's credit card linked. I mean, no payments to other people was one thing; but not getting money into our own paypal... that's the limit

 

you can accept payment from other persons paypal balance / cc if they are non indians.

Only from indian pp account you cant get money from their pp balance

 

I just manually withdrawl to my Indian bank account. Lets wait and see 2 days to check if the amount hit or reverse.

 

So finally paypal enters in 1 March but we can still send payments.

 

Oh Gawd! Now it's gonna be "you're an Indian, I won't do business with you" and "no indians please" threads... brother against brother .. (well, in most of the cases)

Alert: I still didn't get the notification about rules changing from 1 March, that you're sharing and discussing here Isn't it 1 March in US yet or what?

 

dude there is no restriction to accept money.

 

are you sure? its very bad news then.

 

everything is working perfectly

 

Yes. At least till now everything is ok.