February 12, 2010

Paypal Restores Transaction Failure Fees on Failed Withdrawals in India

Latest news on Paypal India. Recentely, one of my associates checked his Paypal account and found that it has restored the transaction failure fee which was charged when the attempt to withdraw money to local bank account in India was cancelled.

All this has been done after Reserve Bank of India (India's Central Bank) raised questions as to whether Paypal complies with its laws on cross border payments. The suspension of services was meant only for personal payments, however payments against services have also been stopped. Moreover, Paypal has also suspended withdrawal of money to local bank accounts.

Anuj from Paypal's communication team wrote on thepaypalblog that the suspension could last a few months. However, withdrawals to local banks would start in a few days.

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