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PayPal blocks transactions to and from India |
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| 2/08/2010 13:53:15 PM | |
PayPal is an online payment and money-transfer service allowing the sending or receiving of money via email, phone, text message or Skype. Online shop eBay’s popular E-payment system PayPal has been blocking and hence, withholding all personal transactions to and from India. Strangely, there is no offer for any justification for this issue. In a bewildering movement, popular electronic payment gateway PayPal Inc has immediately begun blockage of personal transactions to and from India. PayPal was giving permission to business transactions till a few days ago, but now has also stopped it along with personal and gift payments. This move from PayPal has left thousands of its Indian users, especially IT people, who work with many entities overseas and receive payments through PayPal. Users whose transactions have been reversed are venting their frustration on online forums and messaging boards. Funds requested through PayPal India are being reversed to their senders and users have no access to them. There is standard response PayPal is sending to customers: “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 was a payment for a purchase of goods or services, and not a personal payment, then you may contact the buyer and have him or her resend the payment as follows: (a) click the Send Money tab, (b) select “Goods,” and (c) provide a shipping address. “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. We are trying to resolve this issue as quickly as possible and we’re sorry for any inconvenience.” Personal payments to and from India have been suspended while there is an address some questions from our business partners. You can still make commercial payments. Last year in November, the Indian government had issued a notification (No No.13/2009/F.No.6/8/2009-ES dated 12 November 2009) for prevention of money laundering. Under this notification, the Reserve Bank of India (RBI) has asked all banks and financial institutions to maintain proper record of all transactions and verify identity and address of a non-account based customer or a walk-in customer. Payments to and from PayPal to its account users in India may also involve the foreign exchange maintenance act (FEMA) that has been under a cloud over the black money issue. PayPal provides money transfer service to and from India, but neither the company nor its account holders pay any tax on the transaction. There are many Indian account holders ask their payee for making the payment as a ‘gift’ rather than payment for services to avoid PayPal fees. Presently, PayPal users from India are left with no alternative but to search for an alternative payment service. Tag Clouds: web hosting, Web Hosting Glossary, SEO TOOLS, Free Web Hosting, Unlimited Web Hosting, Reseller Web Hosting, VPS Web Hosting, free website templates, Web Hosting news, Web hosting FAQ, Web Hosting Tutorials |
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