Paypal payments to India blocked
| February 9th, 2010 | By: Anurag Sahu | Category: Business
San Francisco: Online payments’ service Paypal has halted personal payments to India following new government regulations that were designed to crack down on money laundering.
Paypal Monday did not cite a specific reason for the 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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A new fact about Pay Pal :
I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.
Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.