PayPal users in India are again in troubles. This time, PayPal has (again) blocked electronic fund withdrawal (withdrawal to credit card or bank account) for Indian users. Thankfully, the users can request withdrawal by cheque – and PayPal will not charge for it. Hence, if you are in India and want to withdraw money from your PayPal account – you need to request a cheque and will have to wait for long to get the cash in your hands.
PayPal has sent emails to Indian users regarding this change in policies. PayPal describes this problem as:
In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.
PayPal was facing problems with Indian authorities in past, where the Reserve Bank of India had blocked direct transfer to bank accounts. But it was restored around March 3, 2010.
Ohh… I also got notification mail,
Again it really s*ck…
what doing Indian Government??
Please wake up guys… now when it will resolve again…
Dont know who is the wrong man “Paypal” or RBI Unit
It suspense but this is truth, They are big pain for New start-up
I’m sure 100% issue from Indian Govt lets see what happened in global world :)
Why isn’t NASSCOM taking a stand on it? IT SHOULD.
RBI should stop behaving in such a UNPROFESSIONAL Manner? Not even a days notice?
Electronic Funds Transfer IS A BETTER WAY than Paper Cheques.
Paper Cheques are sent by Ordinary Post – and i wonder if thats good.
Shame on so-called IT Super Power India (i.e RBI and other such lazy organization).
THIS IS CLEARLY STIFLING ANY KIND OF INNOVATION.
GOVT BABUs ARE UNHAPPY THAT INDIANS CAN MAKE A LIVING WITHOUT THEIR HELP?
when this issue will be solved it is very frustating
PayPal have Resume Local Bank Withdrawal in India .
Update from Paypal:
https://www.paypal-apac.com/india/
We’ve received good news. India users can do electronic withdrawals right now as you did before.
In appreciation for the loyalty from our India users, we will extend the processing fee refund of $5 USD for any cheque withdrawals made from July 29, 2010 until further notice.
Thank you,
The PayPal Asia Team
@tobias : exciting, but I’m not sure if it means that EFT has been restored. I think the Good news is that PayPal will not charge cheque fee.
Hey,
I am sure it means that EFT has been restored.
Check this update link
http://www.paypal-apac.com/india/
yes! PayPal has enabled EFT again for Indian users. Enjoy!!
Details here: https://www.thepaypalblog.com/2010/07/electronic-withdrawal-service-continues-in-india/
the service is active and we can withdraw money from paypal
http://readerszone.com/india/paypal-electronic-withdrawal-service-continues-in-india.html