News Paypal Removes E-withdrawal Functionality in India

[vijayninel]

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Paypal removes e-withdrawal functionality in India

Company says change has been introduced in accordance with regulatory instructions

Ebay's payment company Paypal has given second blow to the Indian users with the announcement of removing the electronic withdrawal functionality for Indian users from August 1, 2010.

Dickson Seow, Corporate Communications team, Paypal communicated through its blog that the change has been introduced in accordance with regulatory instructions.

“At present, you can request for either an electronic or cheque withdrawal of funds from your PayPal account. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account,” it said.

Paypal stated that while the company is working towards restoring the facility it has the alternative options in place for future payments which is the cheque payment process.

The company is ready to refund the $5 USD cheque withdrawal fee to for cheque withdrawals made from July 29, 2010 onwards, it said.

The first shock from Paypal came earlier this year, in February, when it announced the suspension transactions to and from India. However, that was brought back into working within a few weeks.

Source: Paypal removes e-withdrawal functionality in India - CIOL News Reports

[ManISinJpr]

Yeah I received an email from paypal informing me of this decision and I think it is right step, as paypal was the biggest hawala which was operating in India, unless they change to the rules of the land, they cant do it. simple !!

[MaxAxe]

if they can start issuing cheques from within India ... nothing like it... the only issue with paypal checks is that it comes from US and takes more than 20-25 days

[PoPo]

They should start a Standard and a Premium Delivery service for cheques. It takes a long time for the cheque and sometime disappears.

[iknowledge]

They should start a branch office in all the metros and start issuing payments from there...

[Ritvik]

Got this mail today.

Dear ........................., We've received good news. You can continue to enjoy electronic withdrawals just as you did before. While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service. Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice. For any enquiries, please contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us' at the bottom of the page. Thank you, The PayPal Asia Team

[ViKiD]

Yep! yay!

[ManISinJpr]

Glad that the mess got over very early. Nice