Paypal is an e-commerce business which allows you to make payments and money transfers through the internet. Few days back, Paypal blocked personal payments from India which caused a lot of problems for customers in India who use Paypal to make payments and receive money.
There were some rumours going around that they were forced to halt payments by Reserve Bank of India (RBI) because they did not comply with the rules and regulations. But there is a good news for all people in India who use Paypal for online transactions. Yesterday, they announced that they will be resuming local bank withdrawals in India.
According to Farhad Irani from Paypal blog:
“I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services. 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.”
However, he also said that personal payments will still be suspended but business can use paypal to make transaction for buying and selling of goods online because they have to undergo some restrictions from RBI. He also said that Paypal requires specific approvals for personal inward remittances to India. Looks like they will be starting the service again once they sort out the issue related to rules and regulations set by RBI
via - Techcrunch
