Paypal Asked To Shut Down Operations In India
By nikhil_sun
@nikhil_sun (576)
India
February 14, 2010 1:10am CST
Paypal has been asked to shut down its India operations.The central bank in India, Reserve Bank of India has given this order.According to an RBI spokesperson, a company needs to be registered with RBI in order to offer payment transfer services inside the country and as Paypal is not yet registered, it has been asked to shut down.However, it has been clarified that Paypal can resume operations once it secures registration with RBI.
But this process can take a long time and Paypal has stated that it is suspending it's India operations and services now.
1 person likes this
4 responses
@gracce (335)
• India
14 Feb 10
Hi,I'm sure paypal will definitely do something as they don't want to lose accounts from india & RBI is somewhere right about tax issues but that will not be the right way to deal with so many indian paypal users, RBI & paypal will solve this issue , i just hope so.& now alertpay is also offering payment to india but just we need to have credit card but then also i wish paypal turn to regular & normal like in the past. as indians deals with paypal and we are addicted to paypal for fund transfer issue,it will be quite difficult to turn to alertpay.but just hope everything with paypal goes to normal.
@SACHIN2708 (1634)
• India
14 Feb 10
Well I hope too but This person is saying that paypal is about to shut down their service in India so now what we will do dear ? I never expected this things from paypal . I was supposing that it is Like bank which never create any problem . I dont know if RBI want that paypal should Registerd it self so why paypal is taking time after all it is Business , and they have to do it in return they can increase their fees but if they will stop their service so The amount what we have earned from our hard work so it will be waste because if paypal will stop their service so How I will withdraw that amount into bank account
@few00cent (2183)
• India
14 Feb 10
I have an account on Paypal but so far I did'nt recieve any notice mail from paypal.where did you heard this issue from ?.It is really sad if paypal get shut in India.the governor people are so stupid , indeed they are dragging country into down hole.I hope paypal and RBI will come up with good solution . I don't wanna loose mah e-money .
@Wismay (2037)
• India
14 Feb 10
Hi few00cent!
Governing people are not so stupid. Now they realize that there are many Indians who do freelance work online and they are not paying taxes.
As per regulations one should have registered with RBI to conduct money transactions. Western Union has registered itself with RBI.
PayPal being such a expanded company in money transactions, why didn't register with RBI? That is the mistake of PayPal and the RBI.
And RBI has not dragged the country into a down hole. They are just following a regulation act. Without that no country can function properly.
It is true that this problem affects a lot but it will also remind that if didn't follow regulations the problem will show up sooner or later.
Happy Mylotting!
@ridersaitou (28)
• Indonesia
14 Feb 10
is that true?
how about my friends in india who use paypal as payment method?
what is that reason to shutdown india operation?
