Thread: Death of Paypal Business in India..Soon? Another Big Issue!!!

Hi,

Will this paypal business is going to die soon? Yes, we can say that it will come true in couple of months with this drastic change of rules...

This will be the another big issue in the history for Indian paypal users...Please check the recent mail from paypal to all users:

Dear Paypal Loser,

As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.

With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways ("RBI Guidelines").

In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:
Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and

Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.
We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

We regret any inconvenience caused to you and hope the advance notice will enable you to plan your future use of our services accordingly. For further information, click here.

If you have any questions, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page. We sincerely thank you for your patience and continued support.


Sincerely,

The PayPal Team

For more details:

Code:

https://www.thepaypalblog.com/2011/01/advanced-notice-for-changes-to-paypal-user-agreement-for-india/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ThePayPalBlog+%28The+PayPal+Blog%29

If this really happens most of us will loose our business and also there will be great impact on paypal too...

Hope they will solve this soon and continue the same service as they were...


Lets wait and see...any updates please post here...



Thanks,
IMKing