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

u should use masspay pay otherwise it will be like travelling with an icecream

 

Its really SAD news for Indian people dont know who is playing with new startup

Paypal or RBI

 

Yes i received same email, paypal did not mentioned the reason behind it. I don't know why they change their mind?
all right we should search for alternatives.

 

Following was the reason

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.”

You may dislike PayPal for their high transaction fees or because they have their own currency exchange rates, but the fact is that they are more or less a monopoly and there aren’t too many good PayPal alternatives in India yet.

 

Today's the 29th of July. Has anyone tried to withdraw into an Indian bank account yet?

 

This is what the answer i received from PaypalUK on why they have again suspended the bank withdrawals.

 

It's 29th today and I'm still seeing the "Withdrawal to bank" option enabled.

Besides, I also see that they've mentioned "4 to 6 working days" for Request a cheque option.

 

Does PayPal think we're living in the dark ages? How can they even assume that we'll put up with this sort of crap?

We seriously need a union for people like us who are freelancers and get paid electronically. Even domestic help now has minimum wage laws!

 

Hello everyone,

I have couple of queries, so can someone please help me with them.

1. Has anyone here ever withdrawn by cheque previously, and if yes how long did it it take to arrive at the doorstep and get cleared?

2. If the cheque gets lost midway or delivered somewhere else, can someone else encash the money into their account (I know this sounds like a naive question but I am really scared about this one!)

3. Can I encash the cheque at an ICICI bank branch or do I need to do so through a Citibank branch, and what would the exact procedure be?

I would be really thankful if someone can help me out

 

my account shows up the check withdrawal remaining limit is $800. i have verified premier and it should be $2500 and i have no idea why it shows this instead of $2500.

 

Now that's awesome. A small business with employees now needs to keep massive cash reserves which could otherwise be used in expanding the business just because if cash is needed quickly, Paypal will take a month to send you the money. I might as well start printing my own money.

 

A check will normally take 25 to 45 days depending upon your location. It will be in Indian Rupees and you can deposition it in your bank. In case you do not receive it in 45 days, you can call them and request for the cancellation of the same and then that amount will be credited back to your PayPal account and you can withdraw by another check, hoping that you receive the new check. Last time I received the check after 35 days and the envelope was open for some reason but the check was luckily safe. They send it by ordinary post.

 

You guys should just use Google Checkout or better yet Plimus.

 

Hi guys I have a query!!

Will withdrawal thru Xoom work??

because in February we were facing the same problem but at that time XOOM helped us a bit!!

that's y I am asking!!

 

Hi, thank you so much for replying. Also, can you please tell me if it is delivered somewhere else then can someone else encash the money into their account?

 

I have requested withdrawal at 4:30 AM IST of 29th July with the hope that it might just get into the basket of 30th July late arrivals in the bank account. Also, I found electronic transfer option still enabled at the website.

Do you feel that I can make it in 36-40 hours? If I donot receive the money tomorrow in the bank account, what will PayPal do with the money, will they keep it 'on hold' or will they send the money back to my PP a/c? Most importantly, what is the time zone that PP follows? I thought it was US, also they did not mention anything about it in the mail but the case is for India.. Any Ideas ??

 

But everyday they are sending me Currency Conversion rates ( USD to INR ) thru mail's

 

Guys these are A/c payee checks no one can just cash this except you or someone else with the same exact name on check but since it's easily tracabkle it's kind of risk free