Paypal India User Agreement Changes From March 1
Looks like Paypal and RBI aren't going well together. Earlier, Paypal had to stop payments to individuals in India which was later lifted. Now, Paypal has come up with following changes to its user agreement policy applicable to users in India -
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:
What do you think about these changes?
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 do you think about these changes?
Replies
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Gopan Kombiyil#-Link-Snipped-# -
Kaustubh Katdare
Why not voice your opinion in this thread, Gopan? 😀Gopan Kombiyil#-Link-Snipped-# -
Gopan KombiyilJust because i already expressed my thoughts, but if its against the forum rules i will remove it and post some extracts here 😀
You are reading an archived discussion.
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