Now Indians can keep receipts with Paypal for maximum seven days !

Friends,

Come March 01, 2011 and the facilities of receiving and paying through Paypal shall be restricted on account of tightening of laws by Reserve Bank of India. Indian bloggers, importers and exporters will  have some difficulties  as the Paypal will  comply with the RBI guidelines related to export related payments.

Here is what Paypal is notifying its customers

With effect 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, our user agreement in India will be amended for the following services 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.

We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

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