Last week Paypal suspended payment service to and from banks in India because they did not comply with relevant banking regulatory requirements.
The say that withdrawal capability will be restored on 3rd of March. At that time Indian users will be required to fill out an extra piece of information called an “Export Code”, which is required in Indian banking laws to identify the purpose of the cross-border transaction(s).
Paypal will inform users how they can deposit money into their accounts on the 1st of March.
However, the Reserve Bank of India has informed Paypal that it requires specific approval to all money coming into India – which it does not have. Hence, effectively Paypal is going to be a real hassle for India users for the time being.
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