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

thats so lame of paypal n rbi

 

i need to know one thing, did someone's money got automatically transfered for that 7 days time limit, i mean, did some one who forgot to transfer in 7 days time got his money transfered automatically to his bank account ?

Let me know please !!

 

Nothing happens. I don't have a bank account attached though.

 

I have my money more than 7 days and still the amount is in my Paypal Account only. It did not got transferred automatically.

 

Also i have paid for my server through CC and they charged about 45.92 rupees (appx. 46 rupees) for 1$. but while conversion to bank account they are giving only 42.?? rupeess for 1$. This is really bad conversion rate.

 

Can we still make the payment using Paypal balance or is it blocked?

 

it depends on your paypal account.
do you have an indian paypal account?

 

Yes. I have an indian paypal account.

 

Yes,Paypal has stopped for Indians suing Paypal balance.All Paypal balance that you recieve in your Paypal account has to be withdrawn to your bank account.You can send payment by using Credit Card.attach Credit card to your Paypal account and then send payemnts

 

Then you won't be able to send any payments using your paypal balance!
You can only spend money by using a credit/debit card.

 

Thanks for the info.

Any idea whether Paypal will remove this restrictions in near future??

 

As far as I know, they have no plans to, because PayPal is fed up with the amount of fraud coming from Indian PayPal accounts, so they are doing it directly through banks so known contact information is redeemed if needed for any legal proceedings.

 

This is a Hypothetical Question Man. We cannot answer it now. It may remove the restrictions or it may not.

 

Sorry, but the restrictions are not because of fraud coming from Indian PayPal accounts. Its due to the stringent RBI Rules.

 

That may be the case, but if this hadn't happened I would imagine that PayPal would have imposed this in the future since the amount of fraud coming from Indian PayPal accounts is relatively higher than that from other countries such as the US and the UK.

 

Yeaa, I understand.

 

The only problem here is the exchange rate while paying throighh CC which often goes above 46. So when payying host/others prefer to use their direct debitc pay option to remove the paypal fee involved and save a bit.
Other option for indian users could be to have a US Bank Account, Like in standard chartered NRI or HDFC NRO account that would let us send funds across the globe.

 

CC is the only option. It may result in more money but its better than sending nothing at all. I have applied for a CC anyway.

 

Has any one received more than 500 $ ?

 

And how does one go about opening a SC NRI account? Is that legal for an Indian Resident?