Paypal India Restrictions From March 1, 2011

This pleasant morning, an email from Paypal was awaiting me. The email contained certain aspects which can be summarized as follows :

*From March 1, 2011 it is not possible to keep funds within the account for prolonged periods. Funds received must be transferred within seven days to our bank account.

*The funds present in the account cannot be used for online purchases.

*$500 is the maximum amount that the account holder can receive per transaction.

According to the email, the company has to comply with guideline issued by the Reserve Bank of India.

This is an unfortunate piece of news for those who heavily rely on this online payment service for their sustenance. I precisely remember those days when I used to receive payments in my Paypal account – from clients abroad. The service has helped me in countless occasions to make online purchases too (such as the Philips Norelco QT4021 Stubble Trimmer).

Anyway, those are turning out to be things of the past. It was good while it lasted.

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