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Paypal in India ?

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vicky2005

Right off the assembly line
Is paypal legal in India?

Is it legally allowed to open a paypal account (for paying) as per RBI Rules?
 

geekysage

Journeyman
hell ya!

For buyers, it involves registering a credit card. And sellers can withdraw money from their accounts by requesting a check for a $5 fee.

Of course, people in the US have the option to transfer directly to their bank account. But again, they have to register their checking account with paypal in order to get verified.
 

geekysage

Journeyman
Yeah, but paisapay is owned and used only by ebay India. Sellers can not setup their own site and accept payment through paisapay. That's where paypal comes in to the rescue of a small business owner.

Does anybody know of a service similar to PayPal for Indian sellers?

By the way, Google is apparently coming out with a similar service soon!
 

vikassethi

Broken In
Nope. There is no service like Paypal for Indians at the moment. The worst part is that Paypal can not transfer money into Indian accounts directly and it has to pay only in dollar Checks.
 

wORm

Journeyman
vikassethi said:
Nope. There is no service like Paypal for Indians at the moment. The worst part is that Paypal can not transfer money into Indian accounts directly and it has to pay only in dollar Checks.

Actually one can get cash from Paypal within hours, you just gotta go through some third parties. However it is somewhat illegal as it subverts the Foreign Exchange Regulation Act.
 
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