wordpress blog stats
Connect with us

Hi, what are you looking for?

PayPal Restricts Payments To India, Bars Purchases; Why They’re Right

So I'm going to go against popular sentiment, and stick my neck out and say that the restrictions put by RBI on PayPal, announced yesterday, and in force from March 31st 2011, are right. Here's what has happened - after almost of a year of to and fro between PayPal and India's Reserve Bank of India, PayPal announced last night that it is amending its user agreements to bring about two significant changes: 1. Can't store money in Paypal Account, and can't buy online. Any balance in and all future payments in an Indian users PayPal account cannot be used to buy goods or services, and needs to be transferred to their bank account within 7 days of receipt. What this means is that Paypal is essentially functioning as a money transfer service, and not an online wallet. 2. Can't receive payments for goods and services exceeding $500 per transaction. What this means: - PayPal is no longer an online wallet operating in India: Online wallets, not linked to bank accounts, are not allowed in India, and for years now, PayPal has been operating as an unauthorized wallet. The way it has operated means that for services to be performed in India, money has been stored with PayPal, and used to make payments overseas. Remember that Wallet365, from the Times of India Group* was shut down a few years ago. Our stand has always been that if PayPal is allowed to operate as an online wallet in India, then so…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ