Online payment system giant Paypal, in a surprising move has blocked all personal payments to and from India. This suspension also includes transfer to local banks in India. However, customers can still make commercial payments to India but merchants cannot withdraw funds in Rupees to local Indian banks. According to some sources this is due to an issue between Paypal systems and RBI regarding transfer regulations and monitoring.
While the suspension continues, freelancers and personal account holders with PayPal will be facing the most difficult times. Although PayPal has assured of sorting out the issues to the earliest possible date and constant help to all it’s customers, but the move has brought about a sudden chaos. Freelance websites and all others who have Paypal support integrated to their service have been sending out alerts to all it’s Indian customer base regarding this sudden change. The move has also affected the Indian eBayers significantly with mounting levels of irritation.
The reactions from the general masses (those aware of this move) have been mixed. While some have denounced it as dubious move on part of PayPal or RBI, some have uplheld it as a righteous move to save other genuine accounts and transactions. It is now only a matter of time, to see what awaits in the near future. Till then hope is the only “currency” we can “bank” upon!!
For more updates, check out PayPal’s official blog.