In compilance with Indian regulations, if you are selling products and services to customers globally, please review the
following important information:
1. Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.
2.While making the withdrawal please make sure you select the purpose code that best fits your business.
3.Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.
4.If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.
We cannot thank you enough for your continued attention and patience.
Thank you,
PayPal
Now after reading the above mail, what I can understand is, I can not use my paypal funds anywhere! I can not update my domain panel, I can not buy pro flickr account or pay for my Yahoo!Mail pro account! What I do not understand is, why Govt. of India wake up after such a long time. Why they can not check all these things when they were started. Due to this, I have to wait for atleast 3-5 days and above that I have to pay for the transaction charges, currency conversion charges and if by any means, payment is returned then bounce back charges. Over all paypal, which was used to be the best method of payments is now becoming a problem as RBI has some rules and paypal is not able to fulfil the requirements! In all this fuss who is suffering the most is companies like mine where payments are received and sent via paypal every week!
Moreover they want me to use credit card even though I have funds in paypal which I really do not want to use . Anyway, I am looking forward to see what shocks I will get in coming days fro paypal and RBI.
==========================================================================================================