If you are based in India who uses PayPal and receive payment from foreign clients and advertisers, here are new changes to PayPal.
With effect from 1 March 2011 if you want to use PayPal in India you are required to comply with the requirements set out by RBI.
- You’ll not be allowed to receive payments that exceed $500 per transaction.
- You should transfer all the money to your bank account in India within 7 days from the receipt.
- Any balance in and all future payments into your PayPal account may not be used to buy goods or services