PayPal has finally resumed personal payment services in India. With the individual customers of PayPal will be able to withdraw funds into their local bank accounts. The personal fund withdrawal will start from March 3, 2010 (Wednesday).
However before receiving payments, PayPal customers need to fill "Export code". This code will have information related to nature of exports for which payment has been received from abroad. The customers who need to make payment overseas can continue to make payment.
PayPal will issue information on the process of providing information for PayPal customers to make the process easier and simpler.
The start of personal payment services has come after getting approval from Reserve Bank of India. As per new system, prior approval of RBI will be taken before receiving payments.
The new process is aimed at monitoring money laundering activities. PayPal is aligning its systems for the new requirement. The new process will collect information on type of cross-border merchant transactions activities.
The information has been posted on the official blog of PayPal. Farhad Irani, associated with PayPal has blogged, "I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services".
PayPal is owned by eBbay and is one of the top online payment services Worldwide.
Saturday, February 27, 2010
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