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The online payments service PayPal has taken the unusual step of suspending many transactions in India for more than a week.
A spokesman for the service said Saturday that "personal payments" to and from India are being blocked. Transfers to banks in India are being suspended as well.
The spokesman, Anuj Nayar, said PayPal is taking the step while it answers questions that have arisen about the service. He declined to elaborate.
Nayar said the suspensions began Jan. 28. He wrote in a blog post that PayPal, which is owned by eBay Inc., hopes "to resolve the situation as quickly as possible."
This is definitely going to complicate a lot of NB member transactions. My guess is too many people were abusing the no-fee personal transaction service. Paypal had already begun tacking on a service charge.
Mass transactions (commercial) still seem to work. It's a good way to minimize charges.
This is definitely going to complicate a lot of NB member transactions. My guess is too many people were abusing the no-fee personal transaction service. Paypal had already begun tacking on a service charge.
Mass transactions (commercial) still seem to work. It's a good way to minimize charges.
Does PayPal really need to poke its nose into people's businesses?
Nayar said the suspensions began Jan 28.He wrote in a blog post that PayPal hopes "to resolve the situation as quickly as possible."
This move from PayPal has left thousands of its Indian users including especially IT coders who work with many entities overseas and receive payments through PayPal, high and dry. Users whose transactions have been reversed are venting their frustration on online forums and message boards. Funds requested through PayPal India are being reversed to their senders, and users have no access to them.
Last year in November, the Indian government had issued a notification for prevention of money laundering. Under this notification, the Reserve Bank of India (RBI) has asked all banks and financial institutions to maintain proper record of all transactions and verify identity and address of a non-account based customer or a walk-in customer.Payments to and from PayPal to its account users in India may also involve the foreign exchange maintenance act (FEMA) that has been under a cloud over the black money issue. On Friday, many renowned personalities had filed another petition in the Supreme Court seeking a direction to the Indian government to bring back unaccounted black money to the tune of around Rs65 lakh crore (Rs65 trillion) stashed away in banks abroad.
Ha! Its just like when you make a deposit at an ATM, or pay #2-3 USD for an ATM transaction that costs the bank < 0.01 USD to conduct...== more money for Pay Pal. Unfortunate that they are negatively impacting so many developers in India. Hopefully it is resolved soon.
Indian Paypal Users: PayPal halts personal payment transactions to India
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