PayPal temporarily suspends electronic withdrawal in India, only cheque/check

I hope it will be solved. I should be and it must be solved no mater if it takes some time.

RBI is causing so much problem I afraid PP may cancel electronic withdrawal option for Indian users and left us for cheque option only.

 

yes friends this paypal problem come again with RBI when will it start again of is there any alternative now plz suggest friends ....

 

All were cursing RBI but it is actually Paypal who did not submit the documents to RBI under April 30 deadline and now 3 months passed by so this problem occured.Definetly this mistake of all Paypal only.

 

lol if any paypal user do the same Paypal will ban permanently.

They don't have valid documents to do business in India... ? otherwise why do they always fail to provide proper info in time to RBI

 

It is because of RBI, not from the PAYPAL. paypal is happy serving its customer's all across the globe. Again our government is not able to trace the money coming in.

PAYPAL had implemented the alternative solution to show the purpose of the payment, but our Indian Government has always wrong policies for the growth of business. It is the biggest hurdle in India.

FACTS
India is difficult country to do business, the Indian businessmen is paying highest taxes, commercial electricity, commercial office rent tax.
A person who is giving the jobs to the other fellow citizens of India and helping their houses for bread and butter is crushing with the heavy tax loads on their shoulders.

What i heard is that they are doing to avoid the money coming in for terrorism, as PAYPAL doesn't have any registered entity for doing business online with the Indian customer's. Off course PAYPAL is getting benefited of the transaction's but it is possible that they may not be paying any taxes to the Indian government and hence the Government has to put some restrictions on it.

This is a debatable topic about the PAYPAL.

 

Source : http://www.inetask.com/paypal-halts-in-india-again/

According to BBC News: Last month’s move followed questions from the Reserve Bank of India (RBI) about whether PayPal complies with laws on cross-border money transfers.

Neither PayPal, which is based in the US, nor the RBI was able to say when the issue might be resolved.

PayPal says in its blog that its personal payment service for India would be suspended “for at least a few months”.

The company could not give figures for the size of its business in India, which is believed to be relatively small. However, PayPal spokesman Anuj Nayar told the BBC that India was a “fast-growing market”.

The problem is over the Payment and Settlement Systems Act, which came into effect in India in August 2008.

The RBI says that under this act, any money transfer scheme has to be authorised by the Indian authorities, which PayPal is not.

The RBI would not give details of its discussions with PayPal, but says it has sent the company some questions to respond to. Government sources in India have said they believe PayPal was aware of the implications the change of legislation would have for its business.

The stumbling block is whether PayPal personal payments – as opposed to commercial transactions – amount to cash remittances. PayPal says it only operates online and it is up to users to get money from their PayPal account to a bank account to encash it.

Some Indian PayPal users are small businesses for whom the system is a quick and effective way to transfer funds.

Angry posts on social networking sites have complained about money being lost because of transaction fees, and of not being able to transfer funds to local banks once the PayPal service was suspended.

PayPal has pledged to sort out these problems and some PayPal users seemed to blame Indian bureaucracy as much as anything else. “Always wonder why regulators in India are keen on blocking stuff,” commented one Twitter user.

The affair has left many Indian users of PayPal frustrated.

 

Does Anyone got a "PAYMENT STATUS as COMPLETED" , who withdrawn funds from your Paypal Account Yesterday.

 

If we withdraw today 28 july in Eft .. .will i get payment ?

 

27th August one shows completed now ..

 

I Withdrawn funds Yday , But My Payment Status is Pending.

 

This is the act that Paypal and all other parties establishing payment systems within India need to abide by.
http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/86706.pdf
and this is where you can see who actually has this legal authority
http://www.rbi.org.in/scripts/PublicationsView.aspx?id=12043

 

i had withdrawn early in the day so wait few hours

 

k ya ok, i will wait.

 

Hi friends,
Due to paypal issue... I want to suggest my US clients to send payment via Wire Transfer.. (Can you any one knows the Wire transfer Fee for $50 ,$100 ,$250, $500 ,$1000) because mostly my clients are send part payment like $50 or $100...

Please reply me or give links so that I can aware the FEE rates & suggest all my clients to pay via wire Transfer)

Advanced Thanks for all reply...

 

Thanks allwinners. The "legal authority" list mentions BuyIndiaonline - a subsidiary of Xoom corporation. So, is Xoom the most viable option than PayPal or AlertPay right now? Can I request my employer to send the money via Xoom? Is it safe?

 

paypal is going mad i m looking for alternative thinking to go with 2co any one using them ?? pls suggest something !!

 

dude, you kidding? wire transfer costs like $25 or something an instance.

 

Now, paypal looses lots of users, because of their bad service. Its very bad that we cannot use paypal for electronic withdrawls.

Now, what shall we have to do?

 

I think there is only suggestion, which is very obvious that paypal dominates the market and people are forced to use it, anyways situations will change gradually along with market, if the paypal continues with problems.

--
Best Regards,
nnsjw702