Foreign Currency Trading www.AtlaseForex.com/India
Regulated Broker. Forex Analytics. Professional Support 24/5. Demo.
If you are based in India and have been using the PayPal service to receive payment from foreign clients and advertisers, here’s some disheartening news for you.
Starting March 1st, you’ll not be allowed to receive payments that exceed $500 per transaction. Also, you won’t be able to keep any money in your online PayPal account – all money received into PayPal must be transferred to your Indian bank account within 7 days.
There’s another major restriction in place. You’ll not be able to buy goods using the money that’s in your PayPal account. If you have to make payments via PayPal to someone, the money should first be transferred to PayPal using your bank’s credit card.
PayPal has taken all these steps to comply with the RBI guidelines so we can’t really blame them but this is real bad news for their customers in India. PayPal operations in India have been under scrutiny for more than a year and we now know who had the last word.
You can read the detailed announcement on PayPal.com.