Paypal Resuming local bank withdrawals to India
Few days down RBI shown some security concern over the Paypal transactions and asked Paypal to suspend the option of withdrawing of money through Local Banks in India. Now Paypal has resumed Local Bank Withdrawals to India after addressing the issues and concerns raised by RBI.
The Paypal mail to it’s users reads as follows :
Dear Customers
We have been diligently working with the RBI and our businesspartners to resume Indian bank withdrawals for the thousandsof Indian businesses who depend on PayPal to sell their goodsor services in the global marketplace.
Today, we are happy to announce that the RBI has allowed usto continue local bank withdrawals for settlements for exportsof goods and services. We are currently making changes tocomply with Indian regulations for settlements for exports ofgoods and services, and we anticipate that, as of Wednesday,March 3rd, customers will be able to use ourbank withdrawal service.
As part of the changes, you will be required to fill out anew field entitled 'Export Code' when you request a withdrawal.This information is required under the current laws of India inorder to identify the nature of cross-border merchant transactions.
On Monday, March 1st, we will be back in touch with specificinstructions on how you can move your money into your bank account.
Moving forward, the RBI has told us that PayPal needs specificapprovals to allow personal remittances to India, which wecurrently do not have. Until we get these approvals, personalpayments into India will remain suspended. However, if you arean exporter, you will continue to be able to use the PayPalservice for payments of goods and services. In fact, with thechanges we are making to our system, PayPal is now set to be amore powerful engine for exporters in India. With purpose codesfor export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the exportrelated benefits you seek.
You can check the PayPal blog for additional updates.
We thank you for your business and for your patience duringthe past few weeks.
Sincerely,PayPal
Since the issue with Paypal India operations many of the users was not able to receive any personal payments and also not able to withdraw the money. Now I think users can withdraw money as usual.
This news come as a morning surprise for me...I thought it started from today but after reading Blog post on paypal blog, realize they are expecting it to start from 3rd .. Lets wait and watch
ReplyDeleteRecent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal's reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):
ReplyDeleteA) Should we trust PayPal in future?
ANS: ABSOLUTELY NO
B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?
C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of purely frustrating, destroying & spreading chaos.
D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”
D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.
Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.
Hi anithegregorian,
ReplyDeleteWell said. We can't believe that The company like Paypal can simply do business without even knowing the law of the land. And now they are pointing towards RBI. Recently I've got payment from one of my clients and suddenly the amount is sent back.
How can a company that deals with people's money can be so ignorant and take for granted their customers. Don't they know that trust is the major issue while dealing with people's money.
The issue will definitly hit back paypal and it's competiors are the major gainers.