Paypal Suspends Electronic Withdrawl in India
Wednesday, July 28, 2010 1:58History recurs forever… But recurs incase of Paypal. Yes!!! PayPal temporarily suspends electronic withdrawal in India; only cheque available now. Today most of the Indian publishers received a mail from paypal indicating that there is a change in their withdrawal functionality in India starting on August 1, 2010.
Now, you can request for either check or an electronic withdrawal of funds from your Indian PayPal account. But after August 1,2010, you will only be able to request for a cheque withdrawal of funds from your PayPal account.
Already paypal reminded that any payments received into your PayPal account from the export of goods and services cannot be re-used for making purchases or any other payments. Now, this is a second blowfor an Indian Paypal user.
Some of the Indian paypal users suspect that paypal is going back to “check issuing strategy” so as to save bandwidth cost in electronic transfer. But I don’t think so. It is having problem with RBI especially in electronic transfer. If they issue check, the money would be accountable. But inelectronic transfer, a person can withdraw without revealing his/her PAN, which is mandatory to trace out your transaction.
Do you think paypal is going into 19th century instead of 21st century? You can get more details in the Paypal official blog
