Looks like Indian Paypal users have to take another big blow – According to article appearing on Labnol, Paypal India is set to reverse all the payments above USD 500 that have already been made to Indian paypal users since March 2011.
According to RBI guidelines, no transactions above USD 500 dollars can be accepted by Indians in their account. Although, this was communicated to Indian paypal users before, they could still receive payments above USD 500.
So, if you have received any payments exceeding that amount since March 2011, all of them will be reversed by Paypal and sent back to original senders of payment. Now, all Indian users have nil balance in there paypal accounts – due to the auto-withdrawals that paypal has enforced recently.
However, as per Amit’s conversation with Paypal representative, the accounts that have such payments reversed will show negative balance and will be adjusted in lieu of future payments. Paypal will not auto-withdraw money from the attached credit card or your bank account.
Now, this particular action will probably cause equal pain to Paypal as much as it will to its Indian users. Paypal may not be able to recover all the payments done as some users may choose to stop accepting payments to that existing paypal account.
We will have to wait and see how this whole thing pans out – But one thing for sure. Paypal days in India are coming to an end – This just cant go on!
[…] to its Indian users – Close to the heels of news coming out that the transactions over USD 500 will be reversed, Paypal seems to have done a complete U […]
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Oh it is a terrible news. I heard a news that RBI is asking the details of the clients who received $500 above transactions and Paypal is denied it, so this will happen.
There is such a big need for a PayPal alternative (specifically for Indians).
terrible news!!!
there was already so many issues and now this shocker
You said it right “Paypal days in India are coming to an end – This just cant go on!”
PayPal was a useful site when they allowed PayPal-to-PayPal transactions without a fee – that is probably the only plus in PayPal’s long list of minuses. After that, it has been all downhill. Then they succumbed to shitty govt. regulations without so much as a squeak of protest. For me, the banning of the WikiLeaks account was the last straw.
Time to delete that PayPal account once and forever.
Alternatives? Search and ye shall find.
Or maybe, it is time to build one. Whuffies, anyone?