PayPal Stops Electronic Withdrawal Facility

This is really a bad news. I am doing online businesses and doing transaction thru paypal. This 'll end up in difficulty in doing transactions between my business-bank and paypal. Paypal shud restore the Electronic Withdrawal Facility ASAP.

Just in case anyone is wondering, I initiated withdrawal the day this news broke and I got my funds into my bank today. After this, I really do not know how to repatriate funds that collect in paypal. Ideas anyone?

Oh surely. Its not at all convenient. it will take time to get the required cash.

This is the only country that thinks that legitimate bank transactions by developers and service providers for a few dollars is illegitimate, while making provisions for swindling, laundering bigwigs. Has anybody thought of questioning how politicians live only in bungalows and even the crook who occupies the lowest position in any party drives around in a SUV , while all PayPal users bring in only terror funding. Is our administrative machinery so ignorant?

we have been effected badly, we have to stop the business till the paypal issues are not solve. so please try to solve this problem as soon as possible

No food & water for us freelancers who use paypal. :( I dont know who is naive, paypal or the people who forced paypal into it. The people who end up being punished are us after all.

INDIAN GOVT ARE REAL ILLITERATE PEOPLE. THAT'S WHAT REFLECTS FROM THIS DECISION!!!

Why isn't NASSCOM taking a stand on it? IT SHOULD. RBI should stop behaving in such a UNPROFESSIONAL Manner? Not even a days notice? Electronic Funds Transfer IS A BETTER WAY than Paper Cheques. Paper Cheques are sent by Ordinary Post - and i wonder if thats good. Shame on so-called IT Super Power India (i.e RBI and other such lazy organization). THIS IS CLEARLY STIFLING ANY KIND OF INNOVATION. GOVT BABUs ARE UNHAPPY THAT INDIANS CAN MAKE A LIVING WITHOUT THEIR HELP?

This is unfortunate. I used to withdraw funds by cheque before electronic withdrawal start 2-3 years back. I remember it takes minimum 3 weeks to receive those cheque and 4-5 days to clear it. Again we are there. :(

This decession by Paypal is unprofessional. We receive the fund in 2 days using electronic transfer. But using cheque, I am sure it will delay like anything. Also the past history says the cheque sent by Paypal missed on the way.

Came as a shock really. If the saga continues this way it is better we stop using the internet too and computers and get back to those days when we used to limit ourselves in a fixed boundary. People who turn blind to the emerging concepts making it easy for paperless transactions seems to have caught the awe of the govt. We are pushed back several years with this decision.

Why Is this problem caused for indian users only, despite india has the most number of users using paypal! Ok, so for now cheque withdrawal is the only option left. So how much time will exactly the cheque take to reach a mailing address?

yes affected. can't figure out what the indian govt is trying to achieve by this so called regulatory acts.. or is it paypal playing a game?

Hi What about the merchant services . Merchant account holders cant withdraw as well?

Technology is going back again from online transfer to paper transfer :( This leads to time delay for delivering the cheque. Need to go out to deposit the cheque in the bank (adding more pollution to the environment, time delay for getting the amount in the account) This decision sucks...

Indian govt. still loves babuism instead of paperless fast transactions. They don't know anything about online transactions. Our respected finance ministry came to know about Paypal this January :)) Before this if you call any of the bank customer support in India no one knows What this PAYPAL is ? Looking forward to other payment methods..bye bye Paypal.

Hah. They want to stifle the small individuals from growing. Come on Babudom of India. The easy way out of this quagmire is to make a trip to some foreign land, open an account there and collect your paypal funds there. HAHAHA. That's exactly how the Swiss bank accounts of our politicians have proliferated. And they prevent small companies and individuals from earning a honest living. The NEFT route of paypal withdrawals was a traceable route wherein the govt if it desired could track the source of the funds and get the history from paypal. Doesn't need much imagination to trace back electronic funds transfers unless there is something terrible that I've missed.

Indian bureaucracy will do anything to keep their power over everything. They love their power, not the country. Plus, they are real ignorant about the current technology & trends.