What does PAYPAL mean by this ?

India
February 12, 2011 9:40am CST
First of all let me tell you, I am from india and I will have a bank account and a PAN number within 10-12 days and currently my paypal is also not verified.And i will do the verification once I have a bank account.Now lets come on the point. Before some days i got a mail from PAYPAL that from March 1 ,there will be some changes. I understood all the lines except a single line which was written as follows- " With effect from 1 March 2011.............payment must be transfered to your bank account in india within 7 days from the reciept of confirmation from the buyer in respect of goods or services ." What does this means? Because if for some reason the balance is not transferred within 7 days,then i will lose the payment money which i received? Is it that ? Please I need help !
1 person likes this
2 responses
Patsie Hatley is Deceased
@Hatley (163772)
• Garden Grove, California
12 Feb 11
hi sonaimajumdar hi I think it means exactly what it says, you must transfer your payment ie earnings to your bank a ccount in 7 days now it doesn't say what will happen if you go not but surely as easy as it is to transfer money from paypal into your bank account once you have it set up why not do it the moment you have funds in there and your bank account see up so you can transfer from paypal to your Indian bank accounts. they do not say what wou ld happen after 7 days but this is so easy. if you have anydoubts contact a paypal admins and aak them.
zralte
@zralte (4176)
• India
12 Feb 11
Hi Hatley, it is actually a bit complicated than that. https://www.paypal-apac.com/india/ If you look at that, '7 days after confirmation from buyer' is a bit cloudy. That is underneath the FAQs, it said that As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account. Well, it is clear enough for people like us, who use Paypal for their online earning. But for those who sells, it is a little muddy, I think. They have a bit more time, but not really specified. Anyway, I am still unclear as to what will happen if I 'forget' to withdraw money in the 7 days.
marinerpulak
@marinerpulak (1702)
• India
12 Feb 11
I have also heard this..in fact paypal already send me a mail regarding this... I thing they are going to charge you charge us almost 30% for the money we keep there... batter search for similar discussion in mylot...are you from west bengal?