Money transfer to India being one of the major issue of Indians from decades was worsened yet by the blocking of all Paypal transactions to and from India.
A few paypal account holders payments have been returned to the payee’s while a few have received an email that the money transfer will take time to reflect in the bank accounts.
The U.S. online payment company PayPal has suspended transfer funds, and private users will not be able to transfer out of India, and transfer to the Indian’s Bank.
PayPal on weekend at the company’s Web site blog said service was suspended on 28th January. It’s now more than a week. The company’s spokes person also told that “we are working with business partners and stakeholders to resolve some of their problems.”
EBay auction site owned by PayPal, did not disclose further details. PayPal said that the customers can still transfer to India accounts, but local banks, businesses can not withdraw from the Indian rupee.
Paypal online money transfer facility was one of the easiest ways of money transfer to all IT experts and other freelancers.This move from Paypal which is not only blocking all their money transfer but also not letting the Indian account holders the basic withdrawal facility has given a major shock to many Indians,.
Mr Anuj Nayar the spokesman of Paypal said that the blocking started on 28th Jan 2010. Paypal owned by the famous E-bay Inc is working to resolve the current situations in “the shortest span of time.”
PayPal, said: “We are trying to resolve the current situation as quickly as possible, we are sorry this may give India and other countries, customer inconvenience.”
Paypal suspended the regulation of Payments in India-A few weeks ago story about Paypal suspending the account of Wikileaks, and blocking it from removing money in the account, many people pointed out how risky it is to leave any money in a PayPal account.Now Paypal targeted India by suspended incoming and outgoing of payments and aren’t allowing merchants to remove money from their accounts.
PayPal has suspended personal payments to and from India.The online payment service did not give a reason for the suspension, or say how long it would last. Along with personal payments in and out of the country, PayPal suspended transfers to local banks in India.
The situation has continued now for a week and no resolution is in sight. Paypal is not revealing any date on the release of the payments of the Indian accounts holders.