Members Login
Username 
 
Password 
    Remember Me  
Post Info TOPIC: India Says PayPal Not Authorized for Money Transfer


Top Poster

Status: Offline
Posts: 3757
Date:
India Says PayPal Not Authorized for Money Transfer


What a cluster! Indian Gov't puts smackdown on PayPal; PayPal first screws the users, then falls completely silent, then screws the users even more!


India Says PayPal Not Authorized for Money Transfer



__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

Couple good posts detailing the Paypal India LOLstorm/horror monsoon:

The PayPal India Transaction Holdup Continues

The PayPal India Suspended Transaction Services and Farhad Irani



__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

PayPal's India Situation Gets Worse



__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

PayPal to Resume Bank Withdrawals by Indian Exporters

John Ribeiro, IDG News Service

PayPal said that India's central bank, the Reserve Bank of India (RBI), has allowed it to resume Indian bank withdrawals for Indian businesses who use PayPal to sell their goods or services abroad.

Personal payments into India will however continue to be suspended, as the RBI has told the online payment company that it needs specific approvals to allow personal inward remittances to India, Farhad Irani , head of PayPal's Asia-Pacific business, said in a post on Friday on the company's official blog (https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/).

PayPal does not have authorization in India to provide cross-border money transfers, Alpana Killawala , a spokeswoman for the RBI, said earlier this month, after PayPal announced on its blog that personal payments to and from India through PayPal had been suspended.

PayPal needs authorization to operate a cross-border money transfer service, under the country's Payment and Settlement Systems Act, 2007, and it does not have it, Killawala said.

The Payment and Settlement Systems Act, 2007 stipulates that no person other than the RBI, shall commence or operate a payment system, except with an authorization issued by the RBI under the provisions of the Act.

By the subsequent agreement between RBI and PayPal, exporters will be required to fill out a new field entitled 'Export Code' when they request a withdrawal, Irani said in his blog post. This information is required under current Indian laws in order to identify the nature of cross-border merchant transactions, he added.

An Importer Exporter Code (IEC) is allotted to exporters in India after they provide detailed information on their businesses, including their income tax identification number.

The Indian government is worried that intermediaries like PayPal are being used by freelancers who do not pay income taxes for income earned abroad, and also by financiers of terrorists in India, according to analysts. By insisting on an IEC code for withdrawals by exporters, the RBI is ensuring that it gets the required information on the transaction, they added.

PayPal said it hopes to resume the bank withdrawal service by March 3. It added that it will post on its blog on March 1 with specific instructions for customers on how they can move their money into their bank accounts.



__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

More yet...

PayPal India Personal Accounts Hold and the April 30th RBI Deadline

__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

With all those happy paypal India users this should be a huge hit!
No, it doesn't smell pink and desperate. laughing.gif

eBay India introduces the eBay Guarantee

by Chris Dawson

eBay India has announced theyre launching the eBay Guarantee on April 20th 2010. From that date for eBay India buyers that are not 100% satisfied with their purchase on eBay, eBay will ensure that they receive a replacement or a full refund within 20 days. This will replace the existing eBay.in buyer protection program.

continues...

-- Edited by budnonymous on Tuesday 6th of April 2010 08:29:32 AM

__________________

Exposing the sleazery of ebaY and PayPal

 



Top Poster

Status: Offline
Posts: 3757
Date:

Paypal removes e-withdrawal functionality in India

The payment company says change has been introduced in accordance with regulatory instructions
CMN Correspondent Wednesday, July 28, 2010

BANGALORE, INDIA: Ebay's payment company Paypal has given second blow to the Indian users with the announcement of removing the electronic withdrawal functionality for Indian users from August 1, 2010.

...continues...


__________________

Exposing the sleazery of ebaY and PayPal

 

Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse
Powered by ActiveBoard