fptechnoFeb 11, 2010 12:38:52 IST
Online payment services provider PayPal today said it would take a few months to restore its India services, which was suspended last week.
In a blog, PayPal spokesperson Anuj Nayar said the service was temporarily suspended to respond to queries of Indian regulators, specifically questions whether personal payments constituted remittances into India.
“We are working with the regulators and our bank-processing partners in India to get this resolved as quickly as we can. We realise 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,” Nayar said.
The company said it “was actively engaged” in trying to secure a fresh licence after being informed recently about a change in rules. Nayar said personal payments to and from India would be suspended for at least a few months until PayPal had fully resolved the questions from the Indian regulators. PayPal said customers should be able to withdraw their funds from a local bank within the next few days.
“We’re going to restore the money into the PayPal account of any customer in India who has initiated (tried to) a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges,” he said.
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