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Posts tagged paypal
PayPal India hits reboot
Mar 1st
PayPal confirmed late last week that the Reserve Bank of India had given it the go ahead to restart bank withdrawals in the country for settlements for exports of goods and services.
However, the company’s Asia-Pacific boss Farhad Irani warned that personal payments remained switched off.
“We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service,” he said in a PayPal blog post.
“As part of the changes, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions.”
The RBI told PayPal to get its house in order by getting specific approvals to allow personal inward remittances to India, which Irani admitted the firm doesn’t currently have.
“Until we get these approvals, personal payments into India will remain suspended,” he said.
Paypal blocked Indian Transections
Feb 8th
Popular online payment service PayPal shocked several Indians and rest of the world by suspending payment transactions to and from India for more than a week. Anuj Nayar, spokesman from communications team for PayPal, posted on the official PayPal blog, that personal payments to and from India and the transfers to local banks in India have been suspended. This directly impacts several freelancers from various fields and businesses that depend on PayPal as a transaction gateway.
Though temporarily, PayPal has given a mini cardiac arrest to several India-based PayPal users by shunning payment transactions to and from India. Apart from that, these users can’t even transfer their funds to local Indian banks to withdraw their balance. All this was conveyed by a standard mailer that every India-based PayPal user received.