PayPal Service Suspended in India
5th February, 2010 - Mumbai, India
CCAvenue, USD Payment Processing Services an excellent alternative for Merchants Selling Globally
In the past couple of months, PayPal, the US based online company, which is owned by eBay, faced a few RBI roadblocks as it was forced to suspend its services in India and had to reverse fund request through PayPal India.
The reason behind this temporarily suspension, according to a RBI spokesperson was, 'The Payment and Settlement Systems Act of 2007 stipulates that no person other than Reserve Bank of India can commence or operate a payment system, except with an authorization issued by RBI. PayPal is not authorized to provide cross-border money transfer service in India.' However PayPal has now received conditional approval from Reserve Bank of India (RBI). The revamped withdrawal system involves users to fill an "export code" to initiate a withdrawal. This is as per the directive of the RBI, which wants this implemented to see more control and watch over the nature of cross-border merchant transactions. Additionally, in any payment, when the merchant instruct PayPal to withdraw their PayPal balance to their bank account in India, they will be required to provide a purpose code for the transaction. The purpose codes will help the RBI identify the kind of transaction you carry out. However personal payments will remain banned till PayPal gets the approval to allow personal inward remittances to India. This is something PayPal does not have as of now. In short, personal payments will remain banned till PayPal gets these necessary approvals. Personal payments stand banned for all Indian PayPal users (Business, Premier and Personal Account Holders).
The Alternative
A simpler alternative is CCAvenue, your online payment gateway provider. CCAvenue not only offers INR payment processing services but also USD payment processing services.
CCAvenue's USD payment processing services package includes an extensive bouquet of payment options, built-in ecommerce tools, state-of-the-art verification and security technologies, all at very competitive rates. In addition to the comprehensive range of features and functionalities, you also get USD remittance i.e. you can get FIRC (Foreign Inward Remittance Certificate) certificate and NGO's can get benefit of INR remittance in USD gateway for FCRA (Foreign Contribution Regulation Act) merchant account.
By signing up for CCAvenue's USD payment gateway services, you get a globally scalable platform to collect money from your customers / clients in US Dollars and get quick, instant settlement directly into your bank account.
In the past couple of months, PayPal, the US based online company, which is owned by eBay, faced a few RBI roadblocks as it was forced to suspend its services in India and had to reverse fund request through PayPal India.
The reason behind this temporarily suspension, according to a RBI spokesperson was, 'The Payment and Settlement Systems Act of 2007 stipulates that no person other than Reserve Bank of India can commence or operate a payment system, except with an authorization issued by RBI. PayPal is not authorized to provide cross-border money transfer service in India.' However PayPal has now received conditional approval from Reserve Bank of India (RBI). The revamped withdrawal system involves users to fill an "export code" to initiate a withdrawal. This is as per the directive of the RBI, which wants this implemented to see more control and watch over the nature of cross-border merchant transactions. Additionally, in any payment, when the merchant instruct PayPal to withdraw their PayPal balance to their bank account in India, they will be required to provide a purpose code for the transaction. The purpose codes will help the RBI identify the kind of transaction you carry out. However personal payments will remain banned till PayPal gets the approval to allow personal inward remittances to India. This is something PayPal does not have as of now. In short, personal payments will remain banned till PayPal gets these necessary approvals. Personal payments stand banned for all Indian PayPal users (Business, Premier and Personal Account Holders).
The Alternative
A simpler alternative is CCAvenue, your online payment gateway provider. CCAvenue not only offers INR payment processing services but also USD payment processing services.
CCAvenue's USD payment processing services package includes an extensive bouquet of payment options, built-in ecommerce tools, state-of-the-art verification and security technologies, all at very competitive rates. In addition to the comprehensive range of features and functionalities, you also get USD remittance i.e. you can get FIRC (Foreign Inward Remittance Certificate) certificate and NGO's can get benefit of INR remittance in USD gateway for FCRA (Foreign Contribution Regulation Act) merchant account.
By signing up for CCAvenue's USD payment gateway services, you get a globally scalable platform to collect money from your customers / clients in US Dollars and get quick, instant settlement directly into your bank account.
INFIBEAM AVENUES
