Paypal killed by Reserver bank of India :(

tomakali posted 9th of April 2010 in Community Voice. 3 comments.

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 Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.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3.Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India.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.


So, is there any alternate? trustworthy? easy Payment Gateways?
 
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CALTRADE
This isn't new news is it? It is an unfortunate decision - lots of programmers in India use Paypal to get paid. For a while Paypal was shut down in India entirely, wasn't it? From reading your post, it sounds like it is at least possible to get money from Paypal - if you have a bank account. That is probably the issue - the Indian government doesn't want people there using Paypal as their bank.
CodeSatori
Up until 2006 or thereabouts I recall you couldn't even get money withdrawn from PayPal to India; had to use an off-country address and bank account. (I was living there at the time.) Now at least you can get money in somehow.
 
 
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