Paypal's Withdrawal suspended for Indian Users [updated]
PayPal , one of the Best Online secure Payment Processor is going to be suspend Withdrawing funds to Bank Account. This action was made after the PayPal did not go accordance with Reserve Bank of India(RBI) . Similar problem occured in the beginning of this year( February 2010) . This Service was one of the Best for withdrawing among other payment solutions.
I use PayPal , Alertpay , Neteller , Liberty Reserve (LR) . Yet i loved PayPal because it made me to withdraw funds easier with low fees of Rs.50(around 1$) and receive money in my bank account with in 2 to 5 days .
I was annoyed after receiving the mail today. However the electronic Withdrawal is available upto 29 July(tomorrow) after that you can receive money only via Cheque which costs you 5$ as service fees.
I still wonder whether this is a temporary situation or Permanent one. Hope for the best.
To withdraw funds through Cheque, check out PayPal India page @ http://www.paypal-apac.com/india/
Update: I say a post in a blog about a reply from PayPal’s Chief GM ,
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Update 2 (31/07/2010):
Hurray ! The Electronic withdrawal is back to normal. I received an email from paypal . Hope you would have also received the email.