"The Reserve Bank of India has asserted that PayPal’s offering of payment services to customers outside of India to send personal, non-commercial payments to recipients in India requires a license from the Reserve Bank. The Reserve Bank has directed the Indian affiliate of PayPal’s processing bank to suspend all withdrawals to the Indian bank accounts of PayPal customers for both personal and business customers. PayPal has suspended personal non-commercial payments to Indian accounts, and intends to apply for a license from the Reserve Bank of India, but PayPal could be subject to fines from the Reserve Bank for the period of operation without a license, and PayPal’s prospects for future business in India, both cross-border and domestic, could be materially and adversely affected."
Take note of the following:
"period of operation without a license"
"intends to apply for a license from the Reserve Bank of India"
eBay has stated PayPal is operating without a license in India. And PayPal has not started the license process yet. Merriam-Webster defines "intend" as "to have in mind as a purpose or goal." Which is not the same as saying 'applied for a license' or 'is waiting for license approval.' In other words, 'the check is in the mail.'
Worse case is PayPal arguing with the Reserve Bank of India, that PayPal does not need a license.
"suspend all withdrawls to the Indian bank accounts of PayPal customers for both personal and business customers"
"personal, non-commercial payments to recipients in India requires a license"
eBay has stated the Reserve Bank of India stipulated PayPal needed a license for "personal, non-commercial payments." BUT PayPal suspended transactions for "personal and business customers" instead of just "personal" transactions.
If there is someone in charge at PayPal International who's actually awake and functioning, perhaps they should bother to read what eBay CEO John Donahoe puts a signature to quarter after quarter.
Interesting that it's three months to the day, 27 January 2010, where due to PayPal's ineptness in obtaining an India license, eBay's worse case scenario of "PayPal to suspend providing products and services to customers" occurred.
Enough already. PayPal get your license and get on with business.
But don't fret. The people in charge of PayPal India "intends to apply for a license from the Reserve Bank of India" REAL SOON NOW.
/*
Apologies for the "transaction" typo in previous articles.
“Badges? We ain’t got no badges. We don’t need no badges. I don’t have to show you any stinking badges.” ‘Gold Hat’ (Alfonso Bedoya), The Treasure of the Sierra Madre (1948) http://www.youtube.com/watch?v=HaxURLFn6jU
"The Reserve Bank of India has asserted that PayPal’s offering of payment services to customers outside of India to send personal, non-commercial payments to recipients in India requires a license from the Reserve Bank. The Reserve Bank has directed the Indian affiliate of PayPal’s processing bank to suspend all withdrawals to the Indian bank accounts of PayPal customers for both personal and business customers. PayPal has suspended personal non-commercial payments to Indian accounts, and intends to apply for a license from the Reserve Bank of India, but PayPal could be subject to fines from the Reserve Bank for the period of operation without a license, and PayPal’s prospects for future business in India, both cross-border and domestic, could be materially and adversely affected."
Take note of the following:
"period of operation without a license"
"intends to apply for a license from the Reserve Bank of India"
eBay has stated PayPal is operating without a license in India. And PayPal has not started the license process yet. Merriam-Webster defines "intend" as "to have in mind as a purpose or goal." Which is not the same as saying 'applied for a license' or 'is waiting for license approval.' In other words, 'the check is in the mail.'
Worse case is PayPal arguing with the Reserve Bank of India, that PayPal does not need a license.
"suspend all withdrawls to the Indian bank accounts of PayPal customers for both personal and business customers"
"personal, non-commercial payments to recipients in India requires a license"
eBay has stated the Reserve Bank of India stipulated PayPal needed a license for "personal, non-commercial payments." BUT PayPal suspended transactions for "personal and business customers" instead of just "personal" transactions.
If there is someone in charge at PayPal International who's actually awake and functioning, perhaps they should bother to read what eBay CEO John Donahoe puts a signature to quarter after quarter.
Interesting that it's three months to the day, 27 January 2010, where due to PayPal's ineptness in obtaining an India license, eBay's worse case scenario of "PayPal to suspend providing products and services to customers" occurred.
Enough already. PayPal get your license and get on with business.
But don't fret. The people in charge of PayPal India "intends to apply for a license from the Reserve Bank of India" REAL SOON NOW.
/*
Apologies for the "transaction" typo in previous articles.
“Badges? We ain’t got no badges. We don’t need no badges. I don’t have to show you any stinking badges.” ‘Gold Hat’ (Alfonso Bedoya), The Treasure of the Sierra Madre (1948) http://www.youtube.com/watch?v=HaxURLFn6jU
PayPal India Service Hold Explained: 'We Don't Need No Stinking License'
PayPal India Service Hold Explained: 'We Don't Need No Stinking License'
18 February 2010
EventHorizon1984
With apologies to our India business colleagues, this will be brief because some of us are momentarily doing something else.
This is an excerpt from eBay's United States Securities and Exchange Commission Form 10-K, that eBay CEO John Donahoe signed on 17 February 2010.
Take note of the following:
If there is someone in charge at PayPal International who's actually awake and functioning, perhaps they should bother to read what eBay CEO John Donahoe puts a signature to quarter after quarter.
He spoke, PayPal didn't listen. PayPal dithered for almost a year and a half, and now "thousands of Indian businesses who use PayPal" are being adversely affected.
Interesting that it's three months to the day, 27 January 2010, where due to PayPal's ineptness in obtaining an India license, eBay's worse case scenario of "PayPal to suspend providing products and services to customers" occurred.
Enough already. PayPal get your license and get on with business.
But don't fret. The people in charge of PayPal India "intends to apply for a license from the Reserve Bank of India" REAL SOON NOW.
/*
Apologies for the "transaction" typo in previous articles.
See Also
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“Badges? We ain’t got no badges. We don’t need no badges. I don’t have to show you any stinking badges.”
‘Gold Hat’ (Alfonso Bedoya), The Treasure of the Sierra Madre (1948)
http://www.youtube.com/watch?v=HaxURLFn6jU
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Posted at 17:07 in Business, Commentary, eBay, Legal, PayPal | Permalink
Tags: 10-K, 10-Q, eBay, John Donahoe, payment hold, PayPal India, Reserve Bank of India, Securities and Exchange Commission
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