One of our readers has sent us a copy of an email apparently sent out by online payment gateway CCNow stating that all transactions and accounts pertaining to clients headquartered in India are being suspended from February 7th, 2011, 11:59pm CST onwards. The email (a copy of it below) states that the suspension is because an audit on online payment companies is being conducted by the Reserve Bank of India, and in order to be compliant, CCNow may create a separate business entity in India. MediaNama has not been able to independently verify the authenticity of this email. Our call to CCNow support in the US was not answered (not working hours in the US right now). We'll update when we get a response to the email that we've sent to CCNow: we've requested a confirmation, and for details on how long it will take for them to be compliant and establish an entity in India. As we had mentioned earlier, following PayPal's announcement, that event though there are alternatives to PayPal in India, all of them will have to comply with the RBI's regulations. Expect more such instances in the months to come. Also read: RBI Guidelines Applicable to Online Payment Gateways Email allegedly sent to CCNow clients in India From: ccnow clients To: support@ccnow.com Sent: Tuesday, February 08, 2011 4:08 AM Subject: URGENT/ACTION REQUIRED - Message from CCNow Dear valued client, You are receiving this urgent communication because the Reserve Bank of India is conducting a major audit…
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