Tuesday, March 1, 2011

PAYPAL NEW RULES INDIA FROM MARCH 1 2011


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").

* 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.

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