Here is the email confirming the bad news. ------------- Dear XXXXXX, Thank you for reaching out to us. My name is Kristin and I'm contacting you on behalf of Farhad Irani regarding your email below. At this time, you are allowed to send payments using your PayPal account. These payments must be funded by a credit card. I am sorry about the frustrations this may cause you. Due to RBI regulations bank accounts can only be used to withdraw funds from the PayPal balance. If you have any other questions or concerns please refer to the email you received about this policy change the other day. We appreciate your patience and understanding regarding this matter, and wish you continued success on PayPal. Sincerely, Kristin PayPal, an eBay Company Copyright © 1999-2010 PayPal. All rights reserved. Consumer advisory - PayPal Pte. Ltd., the holder of PayPal's stored value facility, does not require the approval of the Monetary Authority of Singapore. Users are advised to read the terms and conditions carefully. ------------- Sorry guys we need to search alternative Here is a post & poll created please vote for alternative option http://forums.digitalpoint.com/showthread.php?t=1764736
Due to RBI regulations bank accounts can only be used to withdraw funds from the PayPal balance. Does it mean people who have valid CC added to their account can still send or spend or purchase via paypal?
In reply to above mail I have send following mail Hi Farhad, There is no clarity on this RBI New Rules issue. Can you answer following questions. 1) What if we don't withdraw US$ in 30 days? (Will you forcefully send it to our bank account or seize it or send it back to the sender) 2) What about those Indians who are at the moment making payments (without credit card) from Paypal as there is no application level restriction in Paypal.com? Will you send it back or what will you do? 3) Since when these rules are applicable? I want to know the specific date. Why don't you let us know about it earlier? (we could have made necessary provisions) 4) Why your blog is not updated? 5) Can you tie up with some credit card company so that we can get a credit card easily? Best Regards, XXXXXX ------ I will post his reply here.
I still have not received this mail or any notification from Paypal... I guess it is not applicable to everyone otherwise they would have updated the info either in policy or on the blog
Guys, What about the amount which is there in our account already.Do we need to withdraw that too before May 11 2010, or can we keep that money and only amounts received after May 11 2010 will be applied to the new rule. My hunch is that the money received after May 11, 2010 will need to be withdrawn within 30 days. Reason is: March 11, 2010, a rule was brought that all payments received to Indian PP accounts will need to pay a service fee. And the money received after March 11, 2010 were charged a service fee. Now, all transactions are tied up with the date. So any transactions received after May 11, 2010 will be charged the service fee (already there) and will have to be withdrawn within 30 days to your bank account - cheque or EFT. If the money has not been withdraw, then we would get alert messages just like earlier if the amounts received have not been accepted to paypal accounts. So we would get messages like "If you do not withdraw within 30 days the money will be sent back to the sender" So you have to withdraw, and the Send money button will only have the option to send money thro CC and not PP balance, else you'll get a warning message "Cannot send using PP balance" In summary, Indian PP users are stuck with PP and have to accept all the crap that they throw at us, in the name of rules. Great!!! Why isn't there any business house in India, who can compete with PP. IS google sleeping...Wake up... lol
damn man! if you have no credit card added, then paying or spending money with paypal is impossible. It will be a receive only account.