Recently updates has been published on the official Paypal blog over annoying suspended services that Paypal has to follow under hard circumstances. In a recent blog post Anuj from the communications team says that - "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. We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal"
The Indian regulators such as RBI (Reserve Bank of India) has recently revised licensing rules in India for online money transfers. Thus online money transfer has been suspended with online applications such as Paypal until they fully resolve the issues with regulatory bodies in India.
The main updates over Paypal services situation in India are;
- 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.
- Customers should be able to withdraw their funds to a local bank within the next few days.
- Restoration of money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so the money is safe in their accounts.
- For payment for a purchase of goods or services, one should contact the sender and request to resend the payment.
Although this is temporarily suspension of Paypal money transfers to and from India, but the impact over the Indian consumers are high as most of the freelancers in India that constitutes major portion of outsourced work to India has been affected.
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