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PayPal halts payments to India
Online payments' service Paypal has halted personal payments to India following new government regulations that were designed to crack down on money laundering.
Paypal Monday did not cite a specific reason for the suspension apart from concerns raised by PayPal's "business partners and stakeholders". The company noted that commercial payments to merchants in India would continue as normal.
The move is expected to have a serious impact on the thousands of Indian freelancers who are paid via Paypal for web design, writing and software development, PC World reported.
The move is reportedly related to the Indian government's crackdown in November 2009 on international banking transactions, when it instituted new reporting and verification requirements on all banks and financial institutions to prevent international money laundering.
Last updated on Feb 9th, 2010 at 07:28 am IST--DPA
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- Ministerial panel seeks clarification from Air India (Feb 3)
- India, Israel to negotiate free trade pact (Feb 18)
- Air India to separate its cargo business from April: official (Feb 2)
Other News Headlines
In a boost to the tourism sector in Kerala, the Karnataka-based Golden Chariot, one of India's luxury trains, pulled into the railway station here Saturday.
Is Delhi in Pakistan? Or does Kolkata float on the Bay of Bengal? Yes, if one goes by an advertisement splashed by the Eastern Railway in major dailies Saturday.
West Bengal received Rs.7,000 crore of investment in 2009, Chief Minister Buddhadeb Bhattacharjee said here Saturday.
State-run overseas oil and gas exploration company ONGC Videsh Ltd (OVL) wants to bid jointly with Russian companies for hydro-carbon projects in that country, a top government official said Saturday.
In a "significant movement forward" after a five-year hiatus, India and Bangladesh have agreed to expeditiously finalise an agreement on sharing waters of the Teesta river.
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Hi,
This is M. Shahid from VOX Public Relations on behalf of PayPal. Just wanted to let you know that PayPal has just posted an update on the situation here: https://www.thepaypalblog.com/2010/02/update-on-paypal-situation-in-india/
Best regards,
M. Shahid