Friday January 28, 2011 4:08 pm
New PayPal restrictions sending payments to India
In a strange yet potentially devastating move for Indian companies and freelancers, the Reserve Bank of India (RBI) has introduced new directives which forces PayPal to restrict any payment for out-of-country services or goods to $500. This means companies and individuals from India wanting to sell services or products to customers outside of the country will have to keep it to a maximum price of $500 per transaction or do so using other means.
It's unclear why the restrictions were added. It's likely that this will impact the economy of the country, which is becoming very popular in several tech related sectors, especially over the Internet, where PayPal payments are common. The likely outcome is increased corruption, and alternative means of money exchange booming as a result of this.
Read More | PayPal Blog
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