Monday, March 1, 2010

Paypal issue in India, withdrawal to bank still delayed

Paypal was reliable, but after the collision with the RBI, paypal is completely for more than a month now starting from Jan 2010. Now recently paypal sent a email to all its users regarding the issue between Reserve bank of India and Paypal is getting settled, also the email further said that withdrawal of credits from Paypal account to local banks in India would be possible from March 1st, 2010. But the Paypal account holders still haven't got any emails from Paypal regarding credit withdrawal to bank. It seems according to Reserve bank of India, to use paypal, the users must fill up a form consists of user details, PAN number, and also submit a DD of Rs.250 in order to convert money and transfer from Paypal to local banks in India. Paypal promised that a detailed mail regarding these process would be sent to the paypal acc holders on March 1st. But no emails regarding this had been posted till now. Probably this issue might be resolved by March 3rd. And it might take till 6th March to initiate the transactions. Anyway now there is no other options for us other than keeping our fingers crossed and hoping for the best.

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