PayPal arrogantly violated India's 2007 Payment and Settlement
Systems Act {www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?
prid=19038}.
PayPal had over a year to get authorisation from the Reserve Bank of
India, but did nothing.
The Reserve Bank of India did their duty under the law and shut the
illegal activity down.
{www.nytimes.com/2010/02/11/business/global/11paypal.html}
India's Central Bank Stops Some PayPal Services.
"Reserve Bank of India said Wednesday that despite the online
payment service?s ubiquity in India, it is not properly registered.
?Providers of cross-border money transfer service need prior
authorization from the Reserve Bank under the Payment and
Settlement Systems Act,? a spokeswoman for the Reserve Bank of
India, Alpana Killawalla, said in an e-mailed response to questions.
?PayPal does not have our authorization.?
PayPal broke the law. PayPal got suspended. PayPal is hurting innocent
India customers because PayPal couldn't be bothered to get
registered.
That PayPal "anti-American sentiment" and "distrust of American
companies" is PayPal written excuse garbage.
Trusted American companies Western Union, Moneygram, Royal
Exchange, got their Authorisation from the Reserve Bank of India
{rbi.org.in/scripts/PublicationsView.aspx?id=12043} in 2009.
WHY COULDN'T PAYPAL!
Discussion on:
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