Article from PayPal
Attention: PayPal asking PAN Number from Indian users
Reserve Bank of India is paying close attention on PayPal. Few week back, Indian financial regulator RBI enquired PayPal about their cross-border merchant transactions and due to that PayPal suspended their service of withdrawing funds to Indian local banks. Although PayPal got relief from Indian financial regulator and withdrawn from the suspension and resumed the service again since March 3rd, but imposed new rule for Indian PayPal users. This time onwards whenever you will withdraw money to your Indian bank, you have to select “Purpose Code” of your withdrawal. As per PayPal blog quote: This information is required under the … Continue reading
PayPal Suspended Withdrawing Funds to Indian Banks
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 … Continue reading
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