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Paypal woes continue for Indian users. Early this year in February, Paypal had completely stopped withdrawals to India, be it for Individuals or Business citing RBI regulations.
However, few days later they had resolved local bank withdrawals for Business users, where the user has to enter something called as Export Code, which would identify that the transaction was for cross-border merchant transactions, and not P2P money transfer.
However, the problems with regulatory authorities in India seem to have re-surfaced and Paypal has stopped Electronic Funds Transfer to Indian local banks. However, cheque withdrawals are still available.
This does put a lot of Paypal Individuals users as well as Businesses in Limbo, as Cheque payments not only take time but also attract some charges. Paypal has also not mentioned anything about whether and if the Electronics Fund transfer will resume.
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