I hope many free lancers and others who earn online will be in a critical situation after RBI imposed few restrictions and as a result now PayPal is indirectly forcing us to with draw within 7 days. Let me paste below the restrictions imposed,
"In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:
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."
What does this mean? Those who read this will have many questions arising in their mind. Let me figure out few of them,
What happens if the money is not transferred within 7 days?
Can I buy online using PayPal account?
Can't I receive payments more than $500?
Out of them, the first one has been experienced by me and I myself can interpret what happens if not transferred within 7 days. Actually I had a balance of around $20 in my account before March 1. I just left it as it is without even transferring, but after 7 days to my surprise nothing happened and whatever amount I had previously remains same. To confirm it again, I received another payment of $15 today (17.03.2011) which I am not going to withdraw any way and just going to wait for another 7 days and see what exactly is going to happen. I don't think it will be transferred back or anything else. PayPal themselves did not mention anything about what will happen if not transferred and I hope if they need to do something they may/should send a warning / alert mail. Keep checking this so that I will post what exactly happened after 7 days.
Post your feedback and your experience as comments.
"In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:
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; andExport-related payments for goods and services into your PayPal account may not exceed US$500 per transaction."
What does this mean? Those who read this will have many questions arising in their mind. Let me figure out few of them,
What happens if the money is not transferred within 7 days?
Can I buy online using PayPal account?
Can't I receive payments more than $500?
Out of them, the first one has been experienced by me and I myself can interpret what happens if not transferred within 7 days. Actually I had a balance of around $20 in my account before March 1. I just left it as it is without even transferring, but after 7 days to my surprise nothing happened and whatever amount I had previously remains same. To confirm it again, I received another payment of $15 today (17.03.2011) which I am not going to withdraw any way and just going to wait for another 7 days and see what exactly is going to happen. I don't think it will be transferred back or anything else. PayPal themselves did not mention anything about what will happen if not transferred and I hope if they need to do something they may/should send a warning / alert mail. Keep checking this so that I will post what exactly happened after 7 days.
Post your feedback and your experience as comments.
Posted in: Featured
2 comments:
Hello all, As I promised you earlier, I have kept my balance for more than 7 days. To my surprise nothing has happened and it still remains the same. So as far as me concerned, I don't think there is any problem with money you get through freelancing or some other online jobs. But if you are selling any products or other, its better to contact PayPal customer service.
Nothing happens if you do not transfer the money, I personally experienced it with money under than 100 USD ( 83 ) , May be they have some clause for large sum.
May be its just a guideline not the necessity condition.
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