Feeds

PayPal India hits reboot with bank withdrawals

Personal payments remain suspended

Intelligent flash storage arrays

PayPal confirmed late last week that the Reserve Bank of India had given it the go ahead to restart bank withdrawals in the country for settlements for exports of goods and services.

However, the company's Asia-Pacific boss Farhad Irani warned that personal payments remained switched off.

"We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service," he said in a PayPal blog post.

"As part of the changes, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions."

The RBI told PayPal to get its house in order by getting specific approvals to allow personal inward remittances to India, which Irani admitted the firm doesn't currently have.

"Until we get these approvals, personal payments into India will remain suspended," he said.

"We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal’s highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world."

Last month the online payment service suspended transactions in India and confirmed that the shutdown was because of questions over whether personal payments were remittances - payments from ex-pat Indian workers. ®

Internet Security Threat Report 2014

More from The Register

next story
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.