Lots of people all over the country will be heaving a sigh of relief as PayPal will finally be resuming their services back in India from the 3rd of March.
Thousands of people all over the country had their transactions reversed as a result of PayPal blocking all transactions coming in and out of Indian accounts. This started happening almost three weeks back with eBay.
This event sparked massive outrage and especially so on counts of racism and many other allegations that were alleged against the corporation. Last week, further developments took place as PayPal was compelled to stop all personal transactions by the Reserve Bank of India. This was because of some issues with compliance of regulations. However, things seem to be taking a turn for the better as PayPal will probably resume their services by the third of this month, and especially their bank withdrawal functions.
There will be some new rules however and now all Indian customers will have to fill in an extra detail called “Export Code” while requesting for a withdrawal. This is being done in compliance with Indian laws concerning any form of cross border financial transactions.