Things to know from PayPal – RBI hate story..
For quite a while,the stiff between Paypal and Reserve Bank of India (RBI) remained to be a burning issue among the indian users.It directly or indirectly affected every indian user whether doing freelancing or exporting his products/services or receiving payments via Paypal.But it seems that many people are still not aware about the dirty game played by the Online Payment Gateway Service Provider (OPGSP) Paypal.
Almost every Paypal user is aware about the hefty fees charged by Paypal to perform payments through it in foreign countries.Let us take you into Flashback.In 2010,Paypal suspended its services for indian users as it didn’t operated as per the RBI regulations in India.It proved to be a shocking news for Indian users and were not able to use Paypal for receiving personal payments.As a result,The indian users started blaming RBI and it became the villain of this story instead of Paypal.
The first nasty blow to indian users came when Paypal allowed payment transaction limit just to $500,meaning that Indian users were refrained from doing transactions above $500 and cannot receive payment higher than that limit.If you wanted to receive higher amount than $500 then you had to break it up in multiple phases in order to receive it.The second blow came when Paypal notified the indian users to withdraw their payments within seven days of receiving it.It hurt more to the users as it did not disclose about what would happen if they were not able to withdraw the money within the timeframe of 7 days? At that time,Nobody had the answer.
In 2011 just after a year,RBI eased the restrictions imposed on Paypal operations in India and thereby increasing the transaction limit from $500 to $3000.This news came as a delight for indian users but still limiting to $3000 seemed unfair to them.Then in 2013 again after observing the market response,RBI eased its restrictions on Paypal and thereby increasing the gateway transaction limit to $10000 which seemed fair enough for the indian users performing transactions to foreign countries.
Now the question arising in our mind is that “Who is the villain of this whole hate story?
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