PayPal issue

India
May 12, 2011 3:50am CST
We have received mail from PayPal asking us to add bank 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) About this I have to say, I and hubby are verified members of PayPal, we have added bank account and PAN number, but what ‘purpose code’ I should give? Any suggestion please? I have some other things in mind. We can open an account, no basic money needed to deposit, very good. There is no ‘nomination’ facility, so if you die, who will get the money? Not good at all. It doesn’t give any interest on your money there, just like current deposits in banks. It should give. Suppose due to any reason I can’t transfer the money in my PayPal account to my Indian bank account, then where that money will go? Shall I forfeit that? Please respond help me by answering my queries and share your valued opinions. Kalyani ‘Namastey’. . God bless you to enjoy a lucky day ahead.
3 responses
Fulltank
@Fulltank (2882)
• Philippines
21 May 11
Got many internet friend affected by this ruling on Paypal and RBI. Many had opted to change their payment options. I think this issue were already started last March and many Indian users don't know about it. If you cannot transfer your money to your bank, then that would really be a problem.
ravisivan
@ravisivan (14082)
• India
21 May 11
I keep only $1 balance in the account and transfer the balance amounts as and when received to my bank account. Believe me it was credited on the second day into my bank in India. It is quite convenient to have paypal. Earlier we could use it for making payments to others. Now we cannot do it. We have to transfer all the moneys received to our bank account. This is done to see all the receipts are accounted for and tax paid. I continue to use paypal. In India it is convenient.
rambabu12
@rambabu12 (85)
• India
12 May 11
Namastey mrs kalyani i rambabu12 you asked good questions about paypal but please remember that paypal is a private midiator between currencies and they take good steps to protect our money for safe guard. For this reasons they asked pannumber bank adding debit or credit card adding to know that the account is dealing with only the accountholder not a hawaker. For this reason they asked code like free jourlism ,data anylising like that to choose. Choose any thing as you like there is no harm. About other questions about nominee facility, interst,and fofiit the amount we cannotdemand because what we deposited in paypal or aletpay or liberty reserve,zmoney,perfectmoney all are midiators like swiss bank. My advise is to protect your amount you give the pass word of paypal to your kitand keen or who you trusted well like your familymembers so they deal after you die or you may sick or you are no more. Hope god give you full life of 100 years. rambabu12
ravisivan
@ravisivan (14082)
• India
21 May 11
rambabu12 - your idea has a disadvantage. Sometimes even when you are alive if the relatives withdraw without ur knowledge - that will strain the relationship. Of course we have to depend on one and give password. This seems to be interesting preposition. But paypal may not expect a second person to operate the first person's account. any points.
sylvia13
@sylvia13 (1850)
• Nelson Bay, Australia
12 May 11
It looks like having a Paypal account in India is very complicated! It is not so in Europe, although one must still be careful in any case!