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Paypal Update - More restrictions on Indian customers

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kiddo

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2010
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Well a couple of days ago I got the following mail from Paypal which many of you'll might have already seen. Here it is :

Subject: Important Information for Sellers


Dear XYZ,

In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:

• Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.

• While making the withdrawal please make sure you select the purpose code that best fits your business.

• Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India.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

• 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.

For any questions, please reach out to our customer support teams by following the steps below:

1. Log into your PayPal account

2. Click “Contact Us” at the bottom of the page

3. Click on “Send Us” an email or “Call Us” to reach us by phone

We cannot thank you enough for your continued attention and patience.



Thank you,

PayPal
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There was a confusion all over as to whether this mail was fake or real. So I decided to write to Paypal regarding this matter. Today I received a reply from their team which was as follows:


Dear XYZ,

Thank you for contacting PayPal. Please note that the email is authentic and sent by PayPal. On April 8, we contacted our Indian community to let them know about a new compliance policy. Here are the highlights:

* Any proceeds received for earnings received into their PayPal account from the payment of goods and services should be withdrawn to their Indian bank account within 30 days of receipt.

* The amount received for the payment of goods and services into their PayPal balance cannot be used for purchases.

* Purchases can still be made with a credit card for any website that accepts PayPal.

* As communicated on March 3, 2010, all withdrawals to an Indianbank account require the selection of a purpose code that best fits their business.

I'll be glad to hear from you if you need clarification. Just give us a call at 1-402-935-2080 and we will try our best to give you immediate answers. Thank you for choosing PayPal for your online payment needs. Weappreciate your business.

Sincerely,
Elma
PayPal, an eBay Company
Copyright © 1999-2010 PayPal. All rights reserved.
Consumer advisory - PayPal Pte. Ltd., the holder of PayPal's stored value facility, does not require the approval of the Monetary Authority of Singapore. Users are advised to read the terms and conditions carefully.

Got more questions? You'll find answers at our improved help center. Click "Help" on the top right corner of any PayPal page to get started or you can visit www.PayPal.com/101.
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As you have seen above the mail is legit. That means Indians are screwed up even more from now on. Too many restrictions to comply with. Just thought it would be good to post in here so that everyone is aware and updated with the latest.


 
31 comments
What the fuck ??
This clearly means that I can no longer send PP money to another acc or users
This sucks

I would like to hear other people's opinion on this specially of people owning servers and paying other things.
 
oh well lets pack up our money and move and move to Epass,MB or LR thts the only alternative we have as of now....
 
Flash said:
Cool story bro
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That's no story mate. What communications I have had with Paypal I have posted for the benefit of all here. As I had seen earlier everyone was pretty much confused just as I was. So this would probably clear that out and people would become aware about the latest compliance rules. ;)

shubhank008 said:
Ashu I think they havnt sent mails to personal accs
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I have a personal account mate. Sorry I forgot to mention that in the OT.
 
Its not like its affecting every person that uses paypal, only the ones that live in india, I don't get why this is such a popular topic. Every time I'm on here theres some bullshit about Indians and paypal. Fuck.
 
paypal has taken all information from me(Pan card/ID card, etc). I have nothing left to give.

Now i am not vulnerable anymore to paypal limitations. :p
 
Actually we can't kind of blame Paypal completely for this. Its the Indian Govt that is pressing them to do all this and they have to comply else they will be knocked of from the Indian hemisphere. The tax department are the ones hiding behind the curtain and doing all this crap. :(
 
4d2d0f8136.jpg


This is what happened when I tried to send the money:'(
 
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