PayPal Suspends All Personal Payments To and From India
If you’ve ever had to send or receive money, then you are undoubtedly familiar with PayPal. It is after all, “the world’s most-loved way to pay and get paid” – or at least that’s what PayPal proudly says on their official site. Right about now PayPal is not that popular in India. That’s because PayPal imposed a ban on personal transactions to and from India. The ban was imposed this weekend and it is just now that we hear about it.
“Personal payments to and from India and transfers to local banks in India have been suspended while we work with our business partners and other stakeholders to address questions they have about the service. During this time, customers can still make commercial payments to India but merchants cannot withdraw funds in Rupees to local Indian banks,” said PayPal this Saturday.
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PayPal said they’re working hard to get this situation done and dealt with as soon as possible. The company also explained that India’s regulators are to blame for the ban. The regulators want to know if money sent via PayPal as personal payments constitute remittances (money Indians working abroad send to their families back home). To get this issues resolved, PayPal has to work with Indian regulators and the company’s bank processing partners – which may take a while.
Although PayPal says it is sorry for the inconvenience, it is now saying the ban on personal transactions to and from India will not end any time soon. The ban may last for months.
“We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India. We’re working with the regulators and our bank processing partners in India to get this resolved as quickly as we can. Personal payments to and from India will be suspended for at least a few months until we fully resolve the questions from the Indian regulators,” said PayPal.
If you’ve ever had to send or receive money, then you are undoubtedly familiar with PayPal. It is after all, “the world’s most-loved way to pay and get paid” – or at least that’s what PayPal proudly says on their 