Update on PayPal
By Wismay
@Wismay (2037)
India
February 6, 2010 11:37am CST
Hi Frinds, I come to know about the following information on pluggedin website about PayPal stopping payments to and from Indian members. Just thought of sharing with you. The info was given by some guy Alok, it goes like this:
I read somewhere that this has happened because RBI asked for some documents but Paypal didn’t furnished them and as such all the transactions from Paypal to Indian Bank has been reversed. That do explain the delay in withdrawing the money from paypal to bank accounts(which people are reporting that they are facing this from 26th Jan onwards) but doesn’t explain why the money is being returned to original senders and that too without any kind of intimation at all.
So it might answer why some members were claiming they didn't get their withdrawn money even after a week or so.
Hope PayPal resolves the issue with Reserve Bank of India and the transactions will become normal again for Indian members.
Happy Mylotting!
2 people like this
5 responses
@meapas (2436)
• India
7 Feb 10
Thanks for sharing this information. I have n't bothered to look into paypal accounts so far. This is mainly because I thought of saving something substantial there.
I will get back to you on this after some days. Have a nice time.
@yugasini (12892)
• Secunderabad, India
7 Feb 10
hi wismay,
thanks for the information regarding latest problems with paypal,now you have cleared some what ,i think paypal will get approval to transfer the funds in to Indian accounts from Reserve bank,so the problem will solve soon,so there is no worry of fund with paypal,have a nice day
@yugasini (12892)
• Secunderabad, India
8 Feb 10
hi wismay,
thanks for the response and i have find meapas response also in the discussion/responses list,i am happy,he has told that he will be back soon,so i am waiting for him in mylot,i may plan to with draw my amount from paypal in the next month,have a nice day
@Wismay (2037)
• India
8 Feb 10
Hi Yugasini!
I think you can see the next response. Meapas was not active for a while. As you were asking about him I was about tell you that. Now Meapas has responded in the same discussion I think you will have an idea about his whereabouts. I think he won't be active for some more days. Happy Mylotting!
@srganesh (6339)
• India
12 Feb 10
Well,I suffered this reversal too.but we all have to learn this from social sites rather than from paypal itself.Paypal should have taken responsibility to intimate all those who get their amount reversed.i didn't expect this sluggish behavior from paypal.They should have stepped down to bring enlightment to all the members.
@pupupd (1515)
• India
6 Feb 10
Yes, this is exactly what I have wanted to share with all the indians here as well.
Please go through the replies in the website below.
http://www.pluggd.in/paypal-india-outage-no-payments-to-or-from-india-297/
We(indians) all are facing it, no need to worry, paypal will resolve the issue soon, just try to keep your money safe and transfer to your new paypal account which is personal and make the complete payment as "Goods". This might prevent all your previous transactions from getting reversed.
I just did this and I hope it helps, please do not withdraw any funds from any of the sites at the moment. Hold all the transactions. Relax, paypal will not want to lose so many indian members.
It will be a huge loss to it then.
@Wismay (2037)
• India
6 Feb 10
Yes PayPal might be working on resolving this problem soon. I have a business account so I didn't know about this issue until I saw some discussions on MyLot.
Is it working for you if you use "Goods" as the reason of payment transaction. Some were saying it didn't work.
Happy Mylotting!
@hirensojitra (67)
• India
6 Feb 10
Yes its true just today one of my frnd withdraw the minor amount from some site and he get payment but sudden the transaction is back reverse to that site then what he did he creat new account with PAYPAL as bussiness type instand of personal and he transfer sudden in personal to bussines now its atleast safe..
