PayPal [India] will back in action in a few days
Good news for all Indians (especially Exporters!) who rely on PayPal for online transactions. PayPal has announced that the Withdrawals to local banks will be resumed in a few days viz. by March 3rd. Reserve Bank of India has given permission to PayPal to allow account holders to transfer funds to local banks.
But, there will be some changes to the withdrawal procedure. It is not going to be like the old, simple procedure. But what I didn’t understand is this
Moving forward, the RBI has told us that PayPal needs specific approvals to allow personal inward remittances to India, which we currently do not have. Until we get these approvals, personal payments into India will remain suspended. However, if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and services.
So, transactions of personal payments are not yet active. For more info, read the full article at ThePayPalBlog.