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

Actually the thing is that any across the border remittance of Money requires authorization from RBI. Services like NRI transfers through banks or Remit2india.com or Xoom.com for that matter etc have authorizations from RBI regarding cross-border remittances. So RBI says first get our authorization and then remit. That means documents to be submitted and then the process of authorization. And PayPal says that since it is doing local money transfers and the Indian accounts in PayPal are not foreign accounts (since it is not a bank) there is no need for RBI's authorizations to remit to Indian bank accounts. They say these should be treated as local transfers and not cross-border.
This issue can take ages to be solved unless one of the parties compromise and oblige with the other..

 

But it seems PayPal have at last agreed to comply with the RBI's requirements as they know RBI wont budge since they have nothing to lose..The one's to lose are PayPal and its Indian customers bout whom RBI is least worried. SO its possible that the process of authorization of PayPal will be complete soon and then the withdrawals will start again sometime in next few days.

 

How did u get hold of this dude?

Good Job anyway!

 

This isn't published anywhere.. But from my study of Indian laws and the banking regulations etc this is what I can infer from the statement issued by the RBI spokesperson.

 

According to the news publiched in nytimes.com

It may take several months, the company said, to resolve issues over personal payments with Indian regulators, but it hoped that customers would be able to withdraw their funds to Indian banks within days.

Means we can hear a good news on Monday ?

 

From the last 6 or 7 days i am constantly hearding that withdrawals to bank account will soon star.But nothing happened yet.

 

This is real frustrating both RBI and PayPal is at fault, it seems like they care a damn about their customers and Indians. The attitude with which these government babus work is pathetic "Stop PayPal" WTF. I hope at least now better sense will prevail and both the parties will come to a consumer friendly solution and in the meantime have some mechanisim in place so that consumers are not affected.

It's strange who has to gain from all these, not RBI nor PayPal so why are they torturing hapless thousands of freelancers and small business owners, it's true in India it's better to be a slum dweller than a honest freelancer

 

has any one tried withdrawing using a cheque ??

 

Thats right. The personal payment is one thing that can take months to resolve.. But we aren't worried about that. I always have and am always ready to pay fees on the transactions. I don't need the free payments.. I just want the withdrawal issues resolved.

 

Hi Guys,

do you think if we made the withdrawal by check (like we used to do ages ago) will they process it. some members here mentioned that they receive an email notification from paypal telling them that we can now withdraw the money through check or credit card. but do you think check processing will be any different from NEFT processing? since RBI has already sent circulars to all indian banks about non-processing of paypal payments. RBI has screwed us all big time!! lets take some action. we shouldn't be just sitting around and do nothing. I already posted the contact details of RBI spokeperson in my previous post. Good luck!!

 

PayPal is saying withdraw through check because check withdrawals take a lot of time. Also check withdrawals will not go through the NEFT process. It is as a regular payment by check. So this problem shouldn't affect the check withdrawals. It will take upto 10-15 days to check just reach you. Then another 10 days for the bank to clear it. It means another month before you actually see the money in your account. But then till then the bank issue will be resolved I guess.. If they say a few days then it will definitely get resolved in a few days.

 

yeah right said bro....and most frustrating thing is rbi didnt cared about country's own people...they are least worried about them and are very happy to make them suffer...paypal will pack the bags from india i guess its not easy to have your work done smoothly and timely here

 

and i hope this paypal issue effects business of some minister or his closed onesthen we can hope this to be resolved within hours

 

What about the check withdrawal in pp its working or not ?

 

Really a very good inference. APPLAUSE

 

thank you for the explanation. have you ever asked for check withdrawal before? I know how painstakingly slow process it is since i have had several checks from Paypal before they launched this direct bank deposit service. it takes around 3 weeks for the check to arrive but it only takes 2-3 days for the check to clear up as they send the INR check payable at all citibank braches. Although the check is labelled PayPal and when you present this check at the check deposit counter the banker will give you a weird look and will look at the check several times and will also show it to his colleagues as if you have made this at your home Yes you are right this issue might be resolved before we get the check in our hands but the point is if this issue doesn't get resolved by the end of this month (we all know how govt. officials in this country work) so we will lose precious time and that the last thing we want.

 

hehehee, for timely completion of work, you need to give extra money I dont think paypal will pay that extra money on behalf of us

 

lolz true

 

I guess it will take time for PP officials to understand what under the table payments are here in INdia... And how often you have to make such payments before you even see the issue getting resolved..

 

If PayPal really want to resolve this issue on behalf of us, than I am ready to give small percentage of money which will be served as gift to Babus. Who else with me? After all its our money and we are habitual of doing this