PayPal Suspends Service in India
Online payment service provider PayPal said that it has suspended certain types of payment transaction in India. When I logged in to my paypal account I found that there is no option to send personal payments.
In a blog posted on its website, PayPal spokesperson Anuj Nayar wrote “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”.
Without giving any further details for the unusual suspension, he added that the company is working to resolve the situation as quickly as possible.
During this time, customers can still make commercial payments to India but merchants cannot withdraw funds in rupees to local Indian banks, he said.
And here is what Paypal has to say:
Your payment of xxx has been sent back to the sender of the payment. We reversed this payment because we have stopped allowing personal payments to be sent to or from India.
If this payment was a personal payment such as a gift, then we have requested that the sender find another payment method until we restore personal payments to and from India.
The move is reportedly related to the Indian government’s crackdown in November 2009 on international banking transactions, when it instituted new reporting and verification requirements on all banks and financial institutions to prevent international money laundering.
Hi shanavas, will it affect the commissions which I receive from myhelphub(WCCL) or payments from AWsurveys and eToro?
Dear Ayaz, You can still receive commissions, but you will not be able to withdraw it. Also paypal verification doesn’t work.
Dear Shanavas
With paypal suspending the transfers to indian banks is there any alternate way to get the money from paypal account to our bank account ?
Dear Priya, I have read in paypal blog that transfers to Indian banks will function from March 3rd.
Good News!
Paypal has resumed local bank withdrawals to India.
https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/
My main earning is by forex trading , what purpose code should i use in paypal to withdraw money in my local bank.
Dear Lubna, Currently, PayPal only facilitates transactions involving sale or export of goods and services.
HI Shanavas,
Can we withdraw money from paypal to india which we have earned in forex? Is there any problem in that or any other alternate way to get money which have been earned from forex? Is Withdraw money to Indian banks is not a problem? KIndly clarify
Dear Vikram, You can now withdraw money from paypal to Indian banks.