With effect from 1 March 2011, Paypal Account holder in India 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, Pyapal has amended its user agreement with Paypal Account holder in India for the following services w.e.f. 1 March 2011 :
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
