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

RBI would say "you Indians are stupid to even imagine anything like that." RBI letting us know.. their own people that the problem is being resolved....LOL not possible.. not in 10000 years. I mean whats the fun in that for them?

 

check comes in INR only, which makes it easy to clear for indian banks within 3 days.

 

i think the it would take the whole of Feb, somewhere around 15 days to resolve bank withdrawals.

 

There is no point blaming the govt. or RBI for this. Its PP's duty to stay updated about all rules an regulations. Imagine the size of the company and its Operations, they should at least have some representation at the govt. level.

Our govt. is very strong in financial matters and that is for our safety and security. Just look at it this way, when in US people were thrown out of home, we did not feel so much of heat at any level. thats because of the regulatory bodies friends. There is no questioning on RBI's abilities. If some on has to answer to us, it has got to be PP.

A person having slightest of knowledge in international Trade and finance would understand how this entire process of remittance in indian currency is not proper without the RBI registration. Check and Credit Card Payment is perfect.

I will not write more is no one is even interested in listing...

 

What a great idea

They should start thinking about it

 

Regulating and notifying the public are 2 different things. PP has notified us at least something.. RBI being the main party in this issue hasn't even released a detailed statement regarding this.That shows how bothered they are...

And yeah... about the blog... I guess it would put them in more problems as they will have to update their issues regularly on blogs..That would mean more inefficiency

 

I tried xoom, but that isn't working. The transaction got cancelled in just two minutes of creating it. Don't know why.

 

suvrajit, many of here realize that ths is PP's fault. If such a big company cannot work out the details of its' operations legality or maybe undergo the essential paperwork (registrations and whatever else), it is a blunder on their part and it's good that RBI has pulled them up. OUR interests apart, this kind of lax bahavior is really unprofessional and illegal. Most of the RBI bashing that;s going around here is a result of teh frustrations we carry in our hearts about anything and everything Govt related

 

Pls dnt compare the duties of PP & RBI. RBI is an ocean while PP is just a small neighborhood pond. Look at Federal Reserves(financial regulators of US), the US govt itself has no control over it. Just Imagine!

& I dont think RBI is inefficient in anyway! Common man show some respect towards the most prestigious financial institution of our country.

 

We are not accusing RBI of anything, but you can see despite of PAYPAL always being labeled as anti user, very low grades in response, they are atleast updating us

Where as there is no update from RBI in this issue neither we know where to ask for to get a clear picture of the whole issue !!

We claim transparency in our system , but where is it ?? if u file a RTI today it will get atleast 30 days for you to get a reply which will only let you know where to go for more information from there . .

All we are looking for information and status

isnt it friends !!

 

Hi Guys,

did anyone else also got a call from PayPal's chennai office today in regard to the wire transfer?

first they verified my paypal id and then they asked me not to initiate another withdrawal as they are working to resolve the issue. they also said that they will email me to ask few questions but haven't received any email from them yet?

is it only me or other members here also received such call?

 

Federal reserve is an OCEAN as is RBI i agree, but look at the updation system they have and look at the updation system we have, i have worked closely with RBI for some export drawback matters and i have worked closely with customs, singapore. You wont be able to compare them at any point, same goes to Fed,USA.

Whether we take RBI as integral part of our system or we call them a financial regulators, no one is blaming them for stopping PP, we are only expecting a small update when RBI knows that there are thousands of PP users suffering, after all they are protecting Indians than what is harm in letting their PRO giving a update in few days just to let know what is happening !!

 

I completely understand the frustration as my business has also taken a hell lot of beating for the passed few days, but if we have to lash out our angers on someone it has to be PP. We cannot effort to loose track and go crazy on the streets blaming every single person on it or maybe at someone who is not at fault. We as a country has matured enough since our independence and it is our duty to keep it going but knowing the right things and take action in the right direction.

 

to be honest who cares about the 5$???

main problem with cheque is , it takes more than a month to get credited into our banks..

 

In June 2007 I requested cheque and it reached my home after 20 days and it was in INR. I am from Kolkata.

 

I was withdrawing through paypal check 2 years back..
After the introduction of Bank withdrawal i was using this until feb. My feb 7th withdrawal to HDFC bank, says completed, but no payment to my account yet. Made complaints both the paypal and the bank, still no replies. I will update the status.

 

Hi Guys,

did anyone else also receive a call from PayPal's chennai office today in regard to the wire transfer?

first they verified my paypal id and then they asked me not to initiate another withdrawal as they are working to resolve the issue. they also said that they will email me to ask few questions but haven't received any email from them yet?

is it only me or other members here also received such call?

 

It is something, if they dont do, they go behind the bars.

And how is not RBI transparent. Go to RBI website and you will find every dam rule mentioned in it!

And it is common sence, we are raising invoices to our clients/buyers in USD, how are we receiving fund in INR???? How are we going to account for in the books of accounts??? Billed $XXXX Received INRXXXXXX ???? Can any auditor on earth match the arbitrage????

This again is shorted out in case of cheque or cc. as the fund is received in $ and it is concerted into INR at the banks with charges which have RBI fees as well.

So now we raise our invoices in $$ receive $$ pay (minus) concersion charges. and the bank says what was the conversion rates and we put down the equivalent INR in the books.

Well PP should remittance in USD and not inr. U kno why they insist in paying in INR as they are paying almost INR 2 less per $ everytime u withdraw. They are s..king us in a grand way

 

But how come such reputated and huge company can take this much time to clear up withdrawal issue..!!

 

good news for indian paypal users but what is the min amount that we can withdraw via check