PayPal Stops its Payment Transactions in India

Submitted by Varun Jain on Sun, 02/07/2010 - 12:09

PaypalThe online payments service PayPal has initiated an unusual step of banning many transactions in India for more than a week. In the list of services banned in India by paypal, customers can not send and receive money on personal account.

“Personal payments to and from India are being blocked,” revealed a spokesman for the service said Saturday. However, transfers to banks in India are being suspended as well.

The news of paypal shutting its services has been posted via a blog post, which is owned by eBay Inc., hopes "to resolve the situation as quickly as possible."

The merchant customers of Paypal have the power to continue to use paypal payment services. The Paypal services for personal users have been banned in India since January 28, 2010.

The spokesman, Anuj Nayar, said PayPal is taking the step while it answers questions that have arisen about the service. However, he preferred to remain silent on commenting further.

The suspension of services to and from India will be restored once issues which have cropped up are settled.


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Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

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