As per a recent news letter sent by PAYPAL to all it’s users in India there are 2 more limitations to be added to Indian account holders.
With effect from 1 March 2011, as per 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, PAYPAL user agreement in India will be amended for the following services 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$500 per transaction.
Probable Solutions for these PAYPAL issues
1. Find another alternative for receiving payments for your products or services worth more than 500$.
2. Try to accept payments in chunks and make sure none exceeds 500$.
3. Avoid doing bigger transactions on paypal 🙂
Thanks to PAYPAL for trying it’s best to comply with Indian RBI regulations and providing normal users great, easier payment solution.