Reserve Bank of India Gives Tough Time to PayPal

By Shekhar Sahu on 29 January 2011 3:39 AM


paypal dies in India to  comply with governing body Reserve Bank of India logo

Paypal users residing in India, there is a shocking news. The Reserve Bank of India RBI has come with new regulatory guidelines for PayPal, which would start functioning from March 1st. To comply with RBI's guidelines, now in export-related products and services Paypal payment may not exceed $500.
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Your PayPal balance may not be used to buy any products or services, (so what's the use of that balance?) In order to buy products, you have to use a credit or a debit card.

Above all you are not allowed to hold money in your PayPal account, you have to transfer all money to your Indian bank account with 7 days of receipt.

There is a large number of PayPal customers in India from small enterprises, to freelancers, developers, blogger, webmasters, and other users all completely rely on Papal for all transaction and online e-commerce.  This unexpected decision may ruin the lives of many.

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Let's hope, RBI gives some relief.

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