“Customers who rely on PayPal are now able to sell their goods and services around the world and withdraw money to their local bank accounts,” explained Anuj Nayar, director of global communications, PayPal.

“However, before they can effect the withdrawals, they are now required to specify the nature of the transaction by selecting the appropriate ‘Purpose Codes’ i.e. whether the transaction is for the export of goods or services. This information is required under Indian laws in order to identify the nature of cross-border merchant transactions.”

PayPal, a service provider facilitating payments and money transfers online, has resumed processing payments for export of goods and services. Personal payments, that is money transfer between individuals, to and from India, though, continue to remain suspended until PayPal receives the necessary licences and approvals from RBI.

Paypal needs authorization to operate a cross-border money transfer service, under country’s Payment and Settlement Sytems Act, as per the RBI.

In a Tuesday blog post PayPal said that they has suspended the personal payments to and from India following RBI directions until it resolves questions from Indian regulators.

“We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India,” the blog post said.

Although PayPal notified its customers, that personal payments to and from India, as well as transfer to local bank has been suspended, and it will be started soon. Although customers can still make commercial payments to India, but merchants can not withdraw funds in rupees to local banks. Paypal said customers should be able to withdraw funds to a local bank within a few days.

PayPal notified users on Saturday, through another blog post, that personal payments to and from India, as well as transfers to local banks, had been suspended. Customers can still make commercial payments to India, but merchants can’t withdraw funds in rupees to local banks, the company said.

This move has caused inconvenienced to a number of PayPal users in India including outsourcing companies, free lancers, and online retailers.

To stay updated on PayPal stories log on to https://www.thepaypalblog.com/

Paypal, cited a specific reason for the temporary 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.

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