Posts Tagged ‘Reserve Bank of India’

PayPal Suspends Electronic Withdrawal Facility For Indian Users

Published by pratyushkp on July 29th, 2010 - in Social, Technology

PayPal users in India will be asked to use Cheque withdrawal instead of electronic withdrawals for their funds.PayPal has announced the removing the electronic withdrawal functionality for Indian users from August 1, 2010. The only option would be to request for a withdrawal of funds by cheque. According to PayPal, this decision had to be taken in accordance with “regulatory instructions”. 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 waive the $5 USD cheque withdrawal fee to for cheque withdrawals made from July 29, 2010 onwards, it said.

For users who have been using the electronic withdrawal facility, here is how to request for a cheque withdrawal:

* Log into your PayPal account, click on ‘Withdraw’.
* Click on the ‘Request a cheque from PayPal’ link.
* Enter the withdrawal amount and select your mailing address, then click ‘Continue’.
* Click ‘Submit’ to confirm your request.

This is second such announcement that has affected Indians using PayPal service. In February, PayPal announced the suspension transactions to and from India. However, the order was restored after it announced the resumption of the payment services a few weeks later. That was after the Reserve Bank of India gave a green signal to restart bank withdrawals for settlements for exports of goods and services.

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