New Pay Pal User Agreement For Indian Users. Take It As An Opportunity.

Pay Pal new user agreement already hit to all Indian users in their e-mail. New user terms and conditions for the all Indian pay pal users will effect from 1 March 2011. New user agreement change is made by pay pal is as per the guide lines of the “Reserve Bank of India”, which is governing the processing and settlements of the export-related receipts facilitated by online payment gateways. Some of the key points of the new user agreement or the amendments for the Pay Pal Indian user.

  • Indian Pay Pal users can’t use their money in their PayPal account to purchase anything like buying goods or services; and the money must be transferred into their bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services.PayPal-Logo-(TheZeroLife.Com)
  • If you are exporting any good or the service and getting paid using Pay Pal account, than you should now do each and every transactions within the limit of $500; because as per the new amendment from pay pal states that Indian user may not exceed US $ 500 per transaction.

Any entity or organisation that brings cash-flow into India has to mandatorily report transactions above $500 to the RBI and government. If the payment or the transactions is limited to $500, there is no need to report it to the Indian authorities and can continue with their business as usual. All though the limit period is too small and aggressive….. and is going to create lots of inconvenience to the Indian small scale merchants and small outsourcing service providers. It is clear than these terms and conditions are imposed by the RBI and not by the Pay Pal.

The change in the rules are the result of the alertness of the Indian government, thinking that the services like PayPal are being used by exporters are violating the income tax rules and other banking / financial rules of the country.

Hope for the better service for the foreign money transfers in India. This will result in some new services to be started by Indians like Pay Pal and compiling all the rules from the RBI and and other country government; I am agree to the point that it will be inconvenient to the Indian Pay Pal users after the implementations of this agreement. OK its problematic but what a user can do? Where as it’s an opportunity for the developers and entrepreneurs.

Just take this as an opportunity for the new development of a service. Why we still don’t have any Indian service like PayPal, why we are so dependent…..? Indian software developers and entrepreneur should take this as an opportunity for a new business or the revolution waiting for them……………and start such service. Yes the problems are waiting for you..but that’s the thrilling part of the project and will let you enjoy more. I have some names ready in my mind like :”Pay India, Pay Mohan, Pay <Your Name>, <Your Name> Pay, Get Paid etc. etc.” just waiting for new Indian service, their is no point only to say that, India is No. 1 In software development.

Also Read: Watch Live Indian TV Channels On Mobile Phone Or Computer.