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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 controversially begun reversing disbursals to Indian banks, after the RBI stepped in, concerned that they were operating as an unregistered money transfer company in India. From March 3rd, business transfers have been enabled as long as businesses specify a ‘Purpose Code’, and make available relevant documents for scrutiny if required. According to the Paypal, around 170,000 Indians regularly receive or send money abroad via PayPal, of 1.6 million Indians who have signed up for the service.

Related:

— PayPal Payments In India Will Require ‘Purpose Code’; Still No P2P
— PayPal To Resume India Payments By 3rd March; Export Code Needed

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