What happens if I forget to withdraw funds on DAY 7 ? (For Indian PP users).

Indian users need to withdraw funds recd within 7 days, right ? What happens to the funds if i forget to do so ? Do they auto transfer to bank or send by chq ? do they inform ? anyone has ANY idea about this ?

 

They haven't clarified this thing but as far as I remember, one user here posted a conversation b/w him and a paypal officer where he told that paypal would automatically initiate the transfer after 7 days.

 

They havent implement the rule yet, but once they have implemented it, then it will be automatically withdrawn after 7 days (only if your balance is over $10) as their minimum withdrawl amount is $10.

 

I sent this query to PP over email. Here is their response - "To ensure full compliance with the RBI and all applicable India
regulations, we will be monitoring accounts closely as we expect our
PayPal members registered in India to withdraw their funds within 7 days
from the date the payment is received. If funds are not withdrawn within
the said timeframe, we may take appropriate actions such as limiting
account features. Rest assured that for your convenience, we are making
changes to our website that will automatically transfer your account
balance to your linked bank account."

 

Nothing will happen now. I guess paypal is still having a talk with RBI and once they finalized then we will get email about the updates.

 

I really hope they manage to get them (RBI) on their side anyhow (maybe bribe will do :|)

 

Yeah i hope atleast the weekly withdrawal & monthly limits are removed .

 

There are no limits what so ever in a verified account. You may withdraw as mush as you wish.
@btw, your avatar- LOL

 

The truth is no one knows what will happen if we do not withdraw within 7 days as paypal still has not implemented the rules and no email also from them regarding this.

 

I think they won't take action, if your account balance is less than $10. Otherwise, they will automatically send the money to your linked bank account or send a paper check, if you haven't provide a bank to withdraw.

 

I think acc will be limited.

 

You think wrong then.
They don't limit accounts for not withdrawing money.

 

Then why the silly rule?

 

I dont think Paypal made that statement.

 

I mailed paypal with the same question, this is what they said:

 

So this means they will auto withdraw (which is good, incase we forget) and we can even use balance to make payments as normal - so payments using balance are 'not' banned then phew !

 

And in case even if you forget i guess they will automatically transfer the amount.This should be the actual process but can't trust PayPal

 

What if i want to refund someone and i have no balance in my account? this paypal rule is ridiculous!

 

Let's see, if there is any update on 1st of April. I'm waiting for good news only.