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Updated: eBay’s PayPal Disallows P2P Payments, Transfers To Local Banks

Update (February 14,2009): The company has said in its blog that they are still trying to resolve the issue with the RBI. For the time being, sellers can request a cheque which is available from the Withdraw Money tab of the users account. PayPal charges $5 as cheque withdrawal fee but the company will refund the money within a week due to the prevailing circumstances. It usually takes 5-7 working days for a seller to receive the cheque. Update (Feb 10, 2009): In an update on the PayPal blog, the company has said that it could take a few months to resolve the issue, and answer questions posed by India's regulators - probably the Reserve Bank of India. The bone of contention is whether money transfers between individuals can be deemed as money remittances or not. However, "Customers should be…

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