RE:Paypal – A request to RBI – revising the NBFC policy

With effect from 1 March 2011 and pursuant to notification RBI/2010-11/281 of the Reserve Bank of India, Indian Paypal users have landed into serious troubles.

The Official Paypal Post:

Hi everyone, it’s Dickson Seow from the Corporate Communications team with another update on the PayPal accounts for our India users.

To our users in India: we truly value your ongoing support and we’re committed to providing you a high level of customer service. We hope this 30-day advance notice period will enable you to plan your future use of our services accordingly. We sincerely thank you for your understanding and patience as we continue to comply with the RBI guidelines in a timely manner.

We have received a notification from the Reserve Bank of India (RBI) outlining the new requirements for governing the processing and settlement of export-related receipts facilitated by online payment gateways. In order to comply with the RBI guidelines, our user agreement in India will be amended for the following services with effect from 1 March 2011 as follows:

1. 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
2. export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.

To our users in India: we truly value your ongoing support and we’re committed to providing you a high level of customer service. We hope this 30-day advance notice period will enable you to plan your future use of our services accordingly. We sincerely thank you for your understanding and patience as we continue to comply with the RBI guidelines in a timely manner.

To our global users: we regret the inconvenience caused from 1 March 2011 when you try to purchase from or send payment to an Indian merchant over US$500 per transaction.  For purchases or payments above this transaction value, you will have to use an alternative payment method. By informing you 30 days in advance of this change, we are giving you an opportunity to adjust your payment process to minimize any disruption to your purchase of goods and services from India.

If you have any questions, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page. As usual, we will provide updates to our users in India here.

Solution:

All the Indian Paypal users can request RBI for the revision of this policy from the RBI website

Official RBI contact form : http://rbi.org.in/scripts/helpdesk.aspx

DO NOT ABUSE the form or you can land into serious trouble

Department : Relatating to NBFCs

Name : Your Name

Designation : Optional

Your Query :

Email id : Your genuine email ID

Enter the Code : Captcha Code that you see below

I’m sure RBI would like to hear from millions of Paypal india Users who are currently in a fix with recent change in policies.

Send them a professional genuine request through the contact form mentioned above and i’m sure they will revise the policy after hearing from millions of “over hyped,strict – Policy” affected users.

PS : Don’t forget to share it with your friends/team members/colleagues etc.