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PayPal Needs To Comply With RBI Regulations By April 30th, 2010

It isn't over yet: If Paypal doesn't satisfy the requirements put forth by the Reserve Bank of India April 30th 2010, their operations could be disrupted again, Jaimon Joseph writes on IBNLive Blogs, after having spoken to both PayPal and the RBI, that the banking regulator is keeping a watch on PayPal. They did allow the online payments company some leeway: by permitting them to honor all transactions done upto January this year, in order to prevent inconvenience customers. Of course, that may not go down well with those who received payments after January. Unfortunately, Peer-to-peer payments remain disabled, and there still isn't adequate clarity on what exactly PayPal needs change in order to comply with the RBI regulations. Joseph also examines issues with Paypal's transfers - looking into exchange rates and the commissions. Do read. Last month, PayPal had…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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