PayPal to suspend electronic withdrawals from August 1

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Here comes a second blow for Indians using PayPal in less than 4 months as the company announced its decision of allowing only cheque withdrawals from India.

CJ: Neeraj Nair

Thu, Jul 29, 2010 14:27:33 IST

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Business News Today :

HERE COMES a second blow for Indians using PayPal in less than 4 months as the company announced its decision of allowing only cheque withdrawals from India. Starting from August 1, a consumer can request for only cheque withdrawal of funds from his/her PayPal account.

The company further stated that it will refund the fee of $5 it charges on withdrawals made on July 29. What initiated the company to take this step is the regulatory issues raised by the government thus jeopardizing the company's future in India.

Earlier in February, PayPal had announced its suspension of individual payments from India when questioned by the Indian authorities about the nature of these personal payments that include remittances that enables foreign workers to send money into India.

This move completely took many Indians off guard as they already had their money in their respective PayPal accounts. Now, the customers in order to withdraw their money, click on the “Withdraw” option followed by “Request Check from PayPal”. The cheque takes 4 to 6 days excluding delivery time.

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