PayPal Personal Payments in India Suspended for Few Months
Today PayPal posted an official update about the personal payments and withdrawal issues. In last few days, people like us who depends very much on PayPal payments were worried about the current status and development on the same. But today PayPal released an official communication stating that the personal payments to and from India will be suspended for few months. Regarding the withdrawal of amount in local banks, they have already started reversing the previously made requests. And now they have promised that the withdrawal in local banks can be initiated in next few days.
Here is the excerpts from the official release from PayPal,
Q: Why did you suspend local bank transfers and personal payments to and from India?
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
Q: When will personal payments be turned back on?
The regulators recently let PayPal know about revised licensing rules that we are now actively engaged in securing. 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.
Q: When will local bank withdrawals be available?
Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, we’re going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.
Yesterday, I got my withdrawal money request reversed. So finally my money is in my PayPal account. We are hoping that the withdrawal issue will be resolved by next Monday. I am sure many of you who are operating from India must be facing the same issue. We are waiting for the next update from PayPal regarding the withdrawal stability for India Local Banks.