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

Whats this?
Thanks for the answer, that means we are ready to cash after deposited to bank, right?
And I dont have citibank account, its in MUMBAI only and I am in different city, so how much time it will take to cash??

 

Will the Paypal cheque be recieved in Dollars or Rupees?

 

So what will users who is getting about US$ 10,000 per month to their Paypal a/c do ?

How will they withdraw such large amounts ?

 

It will be RS, I think check back for same question with answer...
Please any one answer my above question..Experience once.....
Thanks in advance,,,,

 

well it means you cant encash the check over the counter. The check needs to be deposited into a valid bank account and would go thru the typical clearing process.. (I guess they issue citibank check which is payable at par at all branches. So the amount should be credited within 2 to 3 working days ).

 

The cheque will be in INR only.

 

Sell our a$$ to RBI and ask them to lick it. LOL!!

 

*** We are already disclosing ourself the reason of withdraw the mount in paypal + some of us already taken Import-Export code( IEC ) as per previous issue within these two PayPal-RBI

yeah, so I am unable to clarify myself regarding...
1. Either Indian Govt. don't want tax from Indian paypal users,(as we are ready to pay and we already followed couple of steps for the same***)
or
2. Paypal dont want to do business in India ? (as this is happening twice in last 6 months)

 

And guys, why dont you withdraw today, as the feature is going to be stopped from tomorrow.
So, now we are safe to withdraw, till it hits midnight , or till paypal removes that option from our withdrawal panel.

 

As far as point of safety your are not unsafe - your are totally safe.

but you can not able to get reflected the withdrawn amount into your banks balance sheet. as now very few hours remaining.

 

No risk, no life!
So, took a risk! Lets see, if it gets through!

 

I have requested for withdrawal. Hope the transfer goes well without any problem. Will have to wait for another 4-5 days.

 

These suckers suck, Wats wrng wid RBI?
Wat about this months payments. Check withdrawal is like it never is going to reach you!

 

RBI is having problem with Paypal and Paypal is doing everything to prevent its buisness in India so it has to follow RBI guidelines and all indian paypal users are facing problem with these all issues.New issue is check withdrawl which will takes 20 days to reach us and get cleared in 2-3 days and after a month we get money in our hand.If Paypal is suspending bank withdrawl facility then why they introduced bank transfer facility as before Paypal used to send checks before bank transfer facility started.But i dont why Indians are facing problems due to Paypal-RBI and why not other country users?

 

My suggestion..
Always save around 2-3 lacs in your bank account for such emergency usage.

Thank god, Im safe and I can happily wait for Paypal to solve it. I know, 95% of users do that as well.
Lets just wait for Paypal to solve it, since its more than a bumper for them, as India is the best market for Paypal.

So, we dont have to take the headache. Paypal must be taking more than us to kick RBI's a$$ quickly off.

 

even i got the email, but they also mentioned that they will resume this, if they can pay via check paying electronic should not be a problem. seems like some technical problem to me

 

nope! certainly not. they have clearly mentioned As per regulatory instructions in their update which means RBI is the regulatory authority in India.

 

but why RBI is stopping bank transfer facility from paypal account to bank account?
Whats reason behind this?

 

check this out: http://www.labnol.org/india/paypal-problems-with-rbi-india/13182/

Alpana Killawala, who is the Chief General Manager at the Reserve Bank of India, told Jaimon Joseph the actual reason why PayPal had to temporarily stop transactions in India:

All money flowing across Indian borders is subject to two major laws. The Foreign Exchange Management Act (FEMA) and the Payments and Settlements Act of 2007. According to those laws, organizations like PayPal should have submitted themselves to scrutiny by the RBI. They hadn’t, so they were pulled up.

The Reserve Bank of India has now sent a detailed questionnaire to PayPal that they are expected to answer by April 30, 2010. If PayPal is unable to satisfy the regulators, Alpana says, “their operations could be disrupted again.”

Paypal could have asked for more time till July to satisfy the rbi, which is why the mess again.

 

we will not know until some one call to Paypal and ask about this....
@olddocks: Thanks for the update. So its Paypal problem who failed to satisfy RBI requirements....Paypal workers are cheating RBI then?