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Online wallet company PayPal, which had run into regulatory issues with the Reserve Bank of India (RBI), has said that it is stopping electronic transfers to the country, until further notice. In an email sent out to account holders from India , Paypal says that from July 29th onwards, users will only be able to request for withdrawal by cheques.

What is good on PayPal’s part is that it says it will refund the $5 (Rs. 230) fee usually charged for cheque withdrawals, for its users in India; it would have had to, in order to prevent an exodus from the site, because with electronic transfers, at worst, transfers below Rs. 7000 were charged Rs. 50. The RBI is concerned that PayPal operates as an unregistered money transfer company in India.

<originally posted by Nikhil Pahwa @ MediaNama.com>