The shocking news: PayPal Suspended Withdrawing Funds to Indian Banks as well as personal payments to and from India. It is really a sad news for Indian online business owners who transact through PayPal. Here is a note from Anuj, one of communication team staff,
I’m writing to let you know that 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.
The above situation happened due to enquiries from the Indian regulators. This situation will be continued for some time right now as long as PayPal resolves the issue. As per Farhad Irani’s blog post, “We were hoping that our merchant customers would be able to start withdrawing their funds at their local bank by today, but it looks like this will still take some more time.”
So, it is a big Dhakka (blow) for PayPal as well as Indian online business owners.
Updates on PayPal Issue:
Author Bio:-
Sarbartha Das
Founder and administrator of Espreson Media a Web Design & Development Studio. Tweeting @espreson
I do not subscribe to the above views as the Indian Market is now mature and has sophisticated payment gateway options from various Indian providers. One can always continue authentic business using these options.
Did they give any reason? Is it because of excessive fraud? What about Philippines, Malaysia, and Thailand?