Paypal new rules

[quad]

As per the new rules, paypal users from India can no longer maintain
a balance after Mar 1st, 2011. It must be transferred to an Indian bank
account.

This will inconveniece those who have a small balance,
or perhaps get small payments via paypal.
The overhead to transfer these small amounts to India (and lose money
due to paypal fees, and exchange rate) is too high.
I think RBI should allow small balances - perhaps under $500.

Now I can't use my paltry balance for ebay/craigslist buys! :-(

A case of penny wise, pound foolish.
The big fish anyway have no interest in these kind of small payments!
They get their thousands of crores, tax free, in swiss accounts,
and transfer it back as white money, via Mauritius

 

[subhadeepgayen]

get a credit card and it will solve all isuue, or get a netsafe card from hdfc if you are paranoid about safety

 

[quad]

get a credit card and it will solve all isuue, or get a netsafe card from hdfc if you are paranoid about safety

Huh?
My post was about the balance one may already have in a paypal account,
and now have to needlessly transfer it out of there.

 

[subhadeepgayen]

Huh?
My post was about the balance one may already have in a paypal account,
and now have to needlessly transfer it out of there.

yes, according to new rbi rules only a bank can keep money more than 7 days and paypal is not a bank as it does not pay interest, so i think its justified, paypal should pay users who keep balance pay interest.

 

[spirovious]

I got new email from Paypal -asia as follows-

"As part of our ongoing effort to comply with the requirements set out in the notification of the Reserve Bank of India (RBI Guidelines) that apply to all online payment gateways, all PayPal users in India will be required to add the following to their PayPal account in order to continue to receive export-related payments and withdraw money:

A purpose code related to the majority of commercial activities for export-related payments
A PAN or Permanent Account Number
A bank account in India (if not previously added) "

Anyone received similar?

 

[Rajiv]

Anyone received similar?

Hi,

Received the same message.

Regards
Rajiv

 

[stevieboy]

Yup, received the same email some weeks back