Sunday, January 30, 2011

RBI broke the wings of PayPal again , The hearts of PayPal india customers too >> New PayPal Policy to limit 500$ maximum transaction in india >> No Online Payment using PayPal

The new PayPal policy changes makes the Indian customers' life miserable

PayPal has done it again. They've changed the policies for their India location as per the RBI guidelines. According to the new policy the changes are

with effect from 1 March 2011 as follows:
  1. 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
  2. Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.

This is really a sad news for the Indian customers. The first one somehow seems to be okay, because we can do transfer the amount to our bank with in 7 days and we are responsible for paying the tax , But what is the second policy change ?

why they need to limit the maximum transaction amount to 500$ ? it will be okay if the client is ready to pay the amount in multiple transaction but how many of them will do it ?

Because sending multiple transactions will be a burden for them also. It will not be easy to make a track of the payments if the amount is huge.I'm completely against the second policy 

Guys !!!  what you think about this .. share your thoughts here. Together we can make a move ... I hope PayPal would try to solve this issue and make a new turn to this..

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