Sorry India, love Paypal



Ahem ..... Sorry India, we have to shaft up the poop xpress by limiting how much money you can be sent on Paypal. However we know that its just about the only option you have of supporting all your family, friends and extended family, so you know, no love lost right? Love Paypal.....
 
It’s important to note that these restrictions aren’t being imposed by PayPal, but rather by the Reserve Bank Of India. The restrictions will take effect on March 1, 2011.

This isn’t the first time the RBI has imposed restrictions on PayPal. Last year, PayPal had to suspend personal payment transactions from and to India temporarily, when the RBI concluded that PayPal was not in compliance with all relevant regulatory requirements. Shortly afterwards, PayPal removed the ability for Indian merchants to withdraw funds from accounts electronically in compliance with regulatory instructions.
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Looks like PayPal is getting the shaft thanks to the Reserve Bank of India, not the other way around.
 
Good for the reserve bank of india, Paypal are cunts. In the UK they get away with a lot of shit because they are registered in Lux. They act like a bank but dance around banking rules. Good to see someone standing up to them, a little bit.
 
Paypal should have a good deal with indian government to avoid such limitations , it may affect indian paypal users.
 
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