There are many Indians who’ve identified the convenience of using PayPal to receive and make payments for businesses that deal with goods, and/or services overseas. Account holders can receive payments, make payments, and transfer money to their Indian bank accounts. However, someone’s pulled the plug on this yet again.
This year, the month of February proved disappointing for Indian account holders who were prevented from transferring money to their banks. PayPal permitted account holders to receive money but didn’t allow anyone to transfer money to their personal bank accounts, making it seem more like a lost fun.
However, the limitation was lifted in 6 weeks time, and things appeared normal because RBI realized the need for allowing payments so exports could survive, and a channel to receive huge sums of foreign currency didn’t suffer, but now it seems as though that was just the calm before the storm.
This morning, all PayPal account holders were in for another shock. A mail that clearly states that from 29th July, 2010 onwards there’s to be a temporary suspension of withdrawing PayPal funds to Indian accounts, and account holders can only request for check withdrawals. Certainly a waste of time, and a move that’s creating quite a stir in many forums.
The option it seems is to withdraw all of your money today. A clear mail has noted a step by step guide on how to ask for a check, and PayPal is even willing to waiver the $5 charge for each check withdrawal. The larger picture that’s look great, and Indian PayPal account holders find themselves without a roof over their heads yet again.
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