Tag Archives: RBI

PayPal Bank withdrawals get suspended again for India

PayPal Notice 28072010

Looks like the speculation of PayPal getting banned again for transfer of money to Indian was right. According to the mail we received late night PayPal clearly says that from From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. The email was sent by PayPal Asia Team ...

Read More »

RBI guidelines on alteration/modification on the cheques on Hold

Looks like RBI guidelines to dishonour cheques on alteration/modification on name and amount is on Hold. I received an email from HDFC Bank which says : With reference to the appended mail on prohibition of alteration/modification on the cheques, we wish to advise that the earlier instruction of returning such cheques is being kept on hold. The said guidelines are kept on hold and new ...

Read More »

RBI increases the cash limit for foreign travellers

Dollar Bundel

 There is a good news for the Indian travellers going abroad. People can now carry foreign exchange up to US $ 3,000(1,35,000) without the prior permission of the Reserve bank of India. Currently the limit allowed was only equivalent to US $ 2,000 (90,000). According to the circular-RBI in a notification issued said it has increased the cash limit for ...

Read More »

RBI might suspend PayPal Services again

RBI PayPal

According to Jaimon Joseph, IBN Live, the problems with PayPal in India with RBI is not over yet. With all the drama that happened with PayPal users In India in February, PayPal need to answer detailed questionnaire which was sent to PayPal by Reserve Bank of India. Though the issues was temporarily resolved by introduction of Purpose Code last month ...

Read More »

RBI has provisions if you want to complain against banks

In my quest to find more online resource for Indian, I tumbled upon Reserve Bank of India, India’s central Bank, and exploring further I found RBI has provisions under Banking Ombudsman Scheme2006,  if you want to complain against certain deficiency in banking services. The FAQ clearly states that The Banking Ombudsman is person appointed by the Reserve Bank of India to ...

Read More »