PayPal India Latest
By skysuccess
@skysuccess (8858)
Singapore
February 10, 2010 4:34pm CST
The latest news about the recent suspension of local bank transfers and personal payments to and from India by PayPal is related to regulatory issues.
As per PayPal blog by Anuj from the comms team, Paypal temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India.
PayPal is working with the regulators and their bank processing partners in India to get this resolved as quickly as they can - which is due to revised licensing rules.
Good News
Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, PayPal is going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.
So, if you would like to stay abreast and keep up with the latest developments then feel free to visit the site below.
Ref: https://www.thepaypalblog.com/
4 responses
@GoAskAlice (5827)
•
12 Feb 10
On a related note, we've spoken with PayPal directly and confirmed that we can still pay our Indian members. :)
By the way, did you notice the green myLot logo today?
2 people like this
@VinceMcMahon (1073)
• New Zealand
12 Feb 10
Yes, I did... 
May be because Mylot is processing payment for the previous month today? 
May be because Mylot is processing payment for the previous month today? 1 person likes this
@skysuccess (8858)
• Singapore
23 Feb 10
Alice,
There's no problem paying them, but I understand the problem here is that they cannot withdraw their payments - as far as Individual accounts are concern.
Have a nice day.
@VinceMcMahon (1073)
• New Zealand
12 Feb 10
Sounds like a good news for Indian paypal users.
There has been a huge frustrations going on among Indian paypal users due the temporary suspension of personal account transactions to and from India and this would be a huge relief for Indian paypal users.
As usual, a great customer support provided by paypal. 
