Restrictions imposed by Pay pal on Indian users.
By DoctorDidi
@DoctorDidi (7018)
India
February 28, 2011 11:20am CST
From some recent discussions in mylot, I have come to know that Pay pal has imposed some restrictions on Indian users. It is not clear whether Pay Pal has laid down them from its own or it is the effect of imposition of some new rules and regulations from Reserve Bank of India (RBI) which PayPal is bound to abide by. If Reserve Bank of India is the cause, it will definitely be imposed on similar money transferring organizations like Albert pay. Do you know what is going on with Albert pay? If there is no such restriction in Albert pay, then it is self created by Pay pal and under such circumstances the matter should be reported to the management of mylot for making alternate arrangements of payment to Indian users. Last but not the least, will I be allowed to invest the money accrued to my Pay pal account to any investment site online instead of transferring it to my Indian bank account within the stipulated period of 7 days?
4 responses
@DoctorDidi (7018)
• India
8 Mar 11
It means only Paypal is affected but others like ALERTPAY is not affected. Is mylot management aware of it? Will they be kind enough to allow us to use ALERTPAY? Otherwise,I think mylot will lose importance to us, the Indians.
@akhileshebay (416)
• India
1 Mar 11
didi the answer is perfect NO.
As per the RBI guidelines you will be forced to withdraw money within 7 days from receipt.
You can't use it to purchase any product online or for any investment purpose.
For that you will have to link a credit card.
@DoctorDidi (7018)
• India
8 Mar 11
If it is imposed as per the RBI guidelines, why other such money transferring sites are not affected?
@amirev777 (4117)
• India
28 Feb 11
Hi
I think this is all RBI's doing. PayPal has no other alternative but to follow RBI's guidelines when it comes to dealing with Indian users. PayPal won't do such an act on its own. BTW, after reading your discussion I had a hearty laugh and remembered the movie, "ALBERT Pinto ko gussah kyo aata hai?"
@Gargi2010 (638)
• India
1 Mar 11
Hi Friends
It is very sad news for Indians who use paypal we all Indian paypal user meet together and do something for that issue Every time only Indians has to face the problems why we face the problems ? There are lots of people doing work online and getting payment through paypal they all suffer from this so we must take some action to solve this issue why other countries not face this problem ? it is unfair for indians this is because of the Indian Government and i always Indian Government and leaders please discuss with all the Indian paypal users that we must together and fight against it.
Regards
