Upcoming changes to PayPal User Agreement for India
January 28, 2011 1:35pm CST
Hello myLotters, I Just now received this email from paypal, which contains some of shocking news that, 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. What the hell is going on? Who decide this without getting feedback from us? Is this only for Personal account holders or all kind of account holders of paypal? Can you findout what would be the limitations and problems we are going to face? Post your suggestions friends.
29 Jan 11
I don't know why they introduced this? It should have been 1 month instead of 7 days. Still, I think this will surely affect the online activity of Indian freelancers who earn money online. Paypal should provide some relief to Indian users by eliminating the fee.
29 Jan 11
Hi, I have one question, if I have less than $10 in my paypal can I withdraw this to my bank account ??
2 Feb 11
Trust me ... Indian Government is crazy ... and if we don't rebell ... its going to screw our happiness. The freaking Congress has all the detailed information regarding which minister has black money in foreign banks , but will take no initiative to get it back . Instead they want to keep a track on our $500 or dollars, which we earn after slogging for 1 whole month day and night . The biggest challenge - is for people in EXIM like me ! US and UK clients of our (or anybody else) never transfer money via wire, simply because the amount is not major. And we cannot receive major amount via wire ...because... if you receive any remittance above $25K/year , you need to provide a declaration to your bank (before the IT Dept asks them to freeze it) stating the where and how of the income. Once you are done with the declaration ... you receive a letter from IT Dept ... which is a honorable invitation to visit their office with our IT returns ! and then ... hurry ... 20% of your income is gone towards taxes ... which in itself is a joke . I am even into Content Writing and Web Development ... the second problem...Paypal charges 2.5% to 3.9% , whereas MOneyBookers charges way more than this. Which in turn means ... who work for 30days and get paid for 22 days ! Why ... saturday-sunday holiday na boss ! Freaking Rahul Gandhi and team go around the country promoting self employment ,teaching globalization, spreading education and what not all... just to make it sure ... that these people tomorrow start slogging and earning in dollars ... start receiving money from Paypal ... and we getting a chance to question them. Then comes the bribe to get out of fuss ... then comes ... mera bharat mahan , 100 mein se 99 baimaan. I really wish ... i had the knowledge that Sunjay Dutt possessed in the movie Knock-Out ... and that Sniper Rifle....
• Rajkot, India
28 Jan 11
HI wje4site, i also received same email before a some minutes,this is not a good news at all. why paypay not asking it's users for any feedback.nothing left to say about aur countries rules,policies and politicians...only shame shame...lazy and corrupted.
• South Africa
29 Jan 11
I'm not from India but from South Africa and we just only got Paypal in our country early last year even though one of its founder is South African. We can only keep our money on Paypal for only 30 days and it's only compatible with one bank. It's all the Reserve Bank's fault, they tolled us that they are only doing this to protect us from fraud and the impact of these hard economic times, what they really mean is " did you really think that we wouldn't want the piece of the action". Sadly there nothing that us ordinary people can do about it.