links for 2010-02-12
PayPal said it temporarily suspended certain transactions to India so it could respond to inquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India. Over the weekend, PayPal suspended personal payments to and from India as well as transfers to local banks in India. In addition, merchants were unable to withdraw funds in Rupees to local Indian banks.
On Tuesday, the company published a blog post stating it was working with the regulators and PayPal's bank processing partners in India to get the issue resolved as quickly as it could. "We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal."