can Indians buy through paypal
By shireenrjn
@shireenrjn (37)
India
April 19, 2011 2:21am CST
hi all i am an Indian and i wanted to know about the latest news from paypal which states that any balance in the account cannot be used for buying any goods and the money has to be transferred to the bank account in India
is it true that we can't buy any goods through paypal in future?
1 person likes this
4 responses
@owlwings (43910)
• Cambridge, England
19 Apr 11
"Q: Will my customers be able to complete their checkout with their PayPal account balance?
We're glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines. "
http://www.paypal-apac.com/india/
You can buy goods up to the value of $500 through PayPal. However, you cannot use your PayPal balance to do so. Your PayPal account MUST be linked to a credit card. PayPal can ONLY be used as a transaction service between the dealer and the customer's credit card account.
@owlwings (43910)
• Cambridge, England
19 Apr 11
This means that, effectively, you MUST use a credit card to make online purchases. PayPal simply acts as an extra level of protection, since they hold your credit card details and don't pass them on to the person you are paying.
@owlwings (43910)
• Cambridge, England
19 Apr 11
According to PayPal (and the RBI), you have to transfer whatever you receive in PayPal to your bank within 7 days of receipt. I don't know how they check and I don't know what happens if you don't. You may have lost a dollar.
@zralte (4178)
• India
19 Apr 11
No, that part of the new regulation is still not implemented.
Paypal has communicated to some members that they would forcefully transfer it to bank account after 7 days, and the withdrawal charge would be waived (Less than Rs.7000 withdrawal attracts Rs. 50 Withdrawal charge). It has not been happening yet. It is still impossible to withdraw less than $10 and withdrawal charge is still there.
@rameshchow (4426)
• India
11 May 11
hi friend, i agree with owlwings.
that is the correct news.
And you also have been visiting the website, that is only the way to get experience...
@rambabu12 (85)
• India
27 Apr 11
my dear friend don't confuse every thing is smooth. you can buy and sell what you want with your paypal account. Before going for any action you try to verfie your accout.The benifit you get is unlimited amount of transtions you can
rambabu12
@vish045 (30)
• India
20 Apr 11
Yes, it is true
I have recieved an email from paypal which says this rulte is effective 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").
In order to comply with
the RBI Guidelines, Paypal's
user agreement in India
will be amended for the
following services as
follows:
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.
This change is because they need to comply
with the RBI Guidelines in
a timely manner.
