Thursday 4 March 2010

RBI allowed Paypal to pay for export of services and goods but not for personal payments

There is good news for the companies using Pay Pal services as Reserve Bank of India has given the green signal for restarting the bank withdrawals in the country, the news was confirmed last week by PayPal. The RBI has approved in order to settle payments and withdrawals for exports of gods and services.
Fahad Irani, the company’s Asia Pacific boss said that the personal payments still remain switched off. The bank withdrawal service is expected to resume by March 3 and the site is currently making changes to comply with and follow the Indian norms for settlement for exports of goods and services.

Online payment services were suspended last month in India. The shutdown was because of the doubts that were raised that whether the personal payments at Pay Pal were remittances payment from expat Indian workers. The companies will have a sigh of relief after the announcement while Pay Pal officials said that they were trying their best to obtain approval for the personal payment services as well.

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