Anyone else got the email alert after withdrawal (Indian Paypal Users) ??

It will not be wise to involve the indian bureaucracy in this matter. This is already a sorry mess with no end in sight. Involving the bureaucrats will serve no purpose other than making it messier and delaying any solution that may be in the offing. Not to speak of the "committees" and special "commissions" that the Govt will want to setup to study this issue. Which will end up hurting us.

 

Bro.. U misunderstood it. He said the payments will be reversed. As in PayPal to PayPal payments etc.. not the withdrawals... PayPal will never close their business in India. They earn millions from Indian accounts.

 

Why don't you guyz request a check if bank withdrawal is not possible?

 

Well said. You seem to have a good understanding of the "indian" bureaucracy.. BUT we will have our options open and not sure how many days we need to wait before laying hands on our hard earned money. Paypal even has a development center in India Chennai at Thoraipakkam. I bet they managed to transfer money to them in time to pay their salaries

 

Yes its possible. I called up the Xoom.com and asked them about withdrawing from my PayPal to my Bank account.. and they said yes its possible if you have a verified account. So I initiated a transfer and now the status is processing by their Partner which I guess is the Indian bank. I also received a call for verification from Xoom after I made the withdrawal. They were OK with it.
Lets see when does the actual deposit happens...

@ others who want to use Xoom. : Also after I made the calculations by comparing the PayPal and Xoom withdrawals..I found out that the amount is almost the same. PayPal is a 100 rupees cheaper. Thats all..

 

yeah totally agree..they will further spoil the things rather than solving it

 

Nope. There is a blanket ban on withdrawal of money to India. Check or otherwise.

 

The withdrawal is a secondary problem as of now.

The bigger problem are the payments that are being returned to senders. We delivered what they paid for, and then Paypal did a reversal. That's unprofessional from their side.

 

Are you sure? Because one of my friend did the same his transaction get cancelled. Can you please share a full case?

 

Yes that is very dangerous indeed. What happens if the buyer(senders) refuse to pay us again since by now they would have got the work they paid for. Wow ! paypal has put us in lot of trouble indeed.

Also I have made large withdrawals and it says completed in paypal but has not yet been credited to our accounts. That is where Reserve Bank of India should come in, Since it says that if anyone uses NEFT to transfer you money but it does not show up in your account you need to report to the RESERVE BANK OF INDIA. BUT let's all wait for another 3 or 4 days before taking matters into our own hands.

 

Exactly. The BEST solution that paypal could provide us:

All withdrawals took place must get credited in the appropriate Bank accounts.

All the reversed transactions must be reversed again to the appropriate paypal accounts.

 

Techprocess, an ICICI Venture is a better option, their fees are low, expecting their Rep to meet me tomorrow, will update you guys

Thanks !

 

I also initiated a withdrawal on sunday and it has a status of Partner Processing. Dont know how long is that going to take.

 

Unfortunately this does not appear feasible since several clients might have used the returned funds for some other purpose and their existing balance might not be sufficient to cover the re-reversal. In this case I don't think paypal is authorized to take funds from their credit cards directly without consent.

 

IMHO, RBI can not do anything with those withdrawals too. NEFT transactions are guaranteed by RBI only when the transaction enters the NEFT network. In this case it is obvious that Paypal did not start the NEFT transactions hence no money entered the NEFT network and RBI can not do anything unless the money enters the system.

What paypal did was to change the withdrawal status to "complete" but did not start the NEFT transactions. Which may mean the money probably is with the Indian division of paypal hence showing "complete".

 

That is very correct. As per user reports, Paypal India has not been able to disburse the amounts via NEFT to the various bank accounts because RBI stopped them at that point. Not sure if thats the actual reason, but thats what I understand so far, as to why the bank transfers have not shown up anywhere.

 

well, why not? I had $70 in my account, but paypal reversed $120 leaving me with -$50 as balance. If they could do this for us with no prior information, why can't they do the same for them too? Of course, they enjoyed our services. We're not requesting to loot their money

 

We do not know that for sure. When I talked with paypal customer care and from the emails paypal sent me. The word "completed" means that funds have left paypal. So in legal terms paypal has "sent" the funds. But of course we all know that paypal has not sent the funds to the NEFT network but officially they have, as per their "completed" status. Involving RBI is mandatory since a NEFT transfer involves 2 parties.. and one party says the funds have left and the other party (mY bank) says it has not received it. SO holding funds without even starting NEFT is also wrong according to RBI. But as I said earlier.. all this after a few days.

 

@ others who want to use Xoom. : Also after I made the calculations by comparing the PayPal and Xoom withdrawals..I found out that the amount is almost the same. PayPal is a 100 rupees cheaper. Thats all..[/QUOTE]

you are absolutely right. even I did the calculations yesterday. Xoom was just 100 or 200 Rupees higher than paypal for a 200 USD transfer/withdrawal. I guess at this juncture considering the paypal issues that 100 or 200 rupees will not be a big concern for many of us.

 

I would be glad if they do that but I still feel it is not likely to happen.