Paypal in India ?

[vicky2005]

Is paypal legal in India?

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

[imported_sr_ultimate]

Yup ! it's legal

[geekysage]

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.

[ishaan]

theres an indian thing called PaisaPay in ebay.in also

http://pages.ebay.in/aboutebay/paisapay.html

[geekysage]

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]

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.

[ishaan]

btw, ebay took over paypal i think

the paypal founder talks about google - http://www.theregister.co.uk/2005/06...hin_on_google/

[wORm]

Originally Posted by vikassethi

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.

[vikassethi]

Correct. It is not legitimate way of doing things. So it is not an option