Delay in PayPal Funds Transfer

[cosycom]

Hi friends , Normally all funds withdrawn from Paypal to our bank account are credited within 3 to 5 days .
I have withdrawn some funds on 19th feb 09 . Paypal shows funds already transfered but they are not received in my ICICI account till date . Anybody else also facing same problem ???????

Paypal seem to have an office in India but their address and contact information is not available anywhere .:(

Regards

Narinder

[pc_gaming_store]

Do not withdraw your funds now as they will get held up in the virtual world 🙂

Wait till all your previous funds have cleared.

[pc_gaming_store]

kothari.enterprises is right.

When PayPal says 'commercial payments' are allowed, we are able to receive commercial payments but not withdraw! What's the use?

Also, even now when you go to do a bank transfer, PayPal gives no heads up that there is a delay and payments will be held up. The site looks all normal. They should at least give a warning message! This is deceitful at PayPal's end.

At this point, we would again like to thank our Account Manager for his prompt messaging to us.

[gehna.gioielli]

Hello All,
THIS ARTICLE IS TAKEN FROM http://www.forestlaneshul.com
According to a reports from techcrunch.com, Anuj Nayar, director for global communications at PayPal had said, “I can confirm that personal payments to and from India have been suspended while we address some questions from our business partners. You can still make commercial payments. We’re trying to resolve the situation as quickly as possible and we’re sorry for any inconvenience this may cause.”

Last year in November, the Indian government had issued a notification (No No.13/2009/F.No.6/8/2009-ES dated 12 November 2009) for prevention of money laundering. Under this notification, the Reserve Bank of India (RBI) has asked all banks and financial institutions to maintain proper record of all transactions and verify identity and address of a non-account based customer or a walk-in customer.

Payments to and from PayPal to its account users in India may also involve the foreign exchange maintenance act (FEMA) that has been under a cloud over the black money issue. On Friday, many renowned personalities had filed another petition in the Supreme Court seeking a direction to the Indian government to bring back unaccounted black money to the tune of around Rs65 lakh crore (Rs65 trillion) stashed away in banks abroad.

Although PayPal provides money transfer service to and from India, neither the company nor its account holders pay any tax on the transaction. When Moneylife contacted the RBI to know about the PayPal issue, an official said,”We have no idea why this is happening. PayPal doesn’t come under RBI’s purview.”

The question is then how can the country receive money, in foreign currencies, without any accountability and supervision? Some of the comments on techcrunch.com also say that many Indian account holders ask their payee to make the payment as a ‘gift’ rather than payment for services to avoid PayPal fees. One such comment said: “A lot of business must be transacted in India via PayPal—business done with personal transactions. So a money-hungry Indian government is aggravated at some perceived revenue loss (taxes, customs, etc.) and (has) put pressure on PayPal to stop the payments either directly or indirectly.”

[cosycom]

Hi, I have an urgent request to eBay India PaisaTeam for assurance that our PAISAPAY system is completely safe & stable and same problem is not going to happen with them also otherwise under prevailing situation we can not do business with overseas customers.

All my customers are overseas buyers & most of them prefer only Paypal , They dont know about Paisapay ( even can not spell Paisapay properly).It is very difficult to convince them to pay through PaisaPay. Moreover PaisaPay do not accept all international credit cards or their local bank transfers through echeque etc.

I have another suggestion for eBay India if it can workout :

Since both Paypal & Paisapay are ebay agencies and if PaisaPay has no objection from RBI etc. then all stuck up Paypal payments can be properly routed through Paisapay .

I hope for an early solution to all this.

Regards

Narinder

[gehna.gioielli]

Hello Friends,

I just received a call from eBay and as discussed this matter will resolve within 2-3 days. So now no need to worry about this matter. I appeal all co-sellers please wait for couple of days.
eBay & PayPal teams are already in action to resolve this problem.

Don't belive on any myths......

All the best…

Thank you Navin for your help and support.


With Regards
Kapil.K

[gehna.gioielli]

Hi Narinder,

Don’t worry about paisa pay. Paisa Pay has no connections with RBI or FEMA Rulings.
The PayPal problem arise due to personal transfers. People sending & receiving money as gift and that is truly a money laundering. That is why the problem arise with PayPal, Paisa Pay is 100% Safe and secure.
Thank you.
Regards
Kapil.K

[everything4u84]

Hello,
This is really a great news if its true,Thank you so much for updates.

Thank you,
Priya

[cosycom]

Hi Kapil.K , many thanks for your information . however community will be much obliged if any ebay pink post the same asurance.

Best regards

Narinder:-)

[Anonymous]

Dear All,

There have been questions that sellers like you have asked us either here on these boards or of the account managers/customer service representatives. Find below answers to these:

• What are exact timelines for issue to get resolved?
While we are working closely with the PayPal team to resolve this as soon as possible, we unfortunately do not have any specific timelines to share at this point.

• Is PaisaPay also impacted?
We would like to make it very clear that PaisaPay continues to be absolutely safe and there are no issues with paying through PaisaPay. PaisaPay remittances shall continue as per schedule. Also, PaisaPay accepts International credit cards.

• Can I bypass PayPal for receiving payments from my buyers?
Some of our sellers accept Postal Orders/Cheques and other forms of payment. Neither eBay India nor PayPal will be able to guarantee performance of these services in any way. We strongly advise all our sellers to use the ‘Request Money -> Send Invoice’ option to accept payment from their buyers.

• What about negative ratings due to delayed shipping?
We advise all our sellers to continue to list their items and ship to international buyers as they as always have. We would advise our sellers to not delay their shipments.

• Should we continue to ship & receive money to our PayPal account?
We advise all our sellers to continue to list and sell their items to international buyers without any fear. We foresee this issue being resolved very soon and would advise you to not alter your selling strategy.

• Buyers who transferred money choosing Personal payment got reversed but I have shipped items, what if buyers do not pay again?
In cases where the buyer has transferred your payment via P2P (person-to-person) method and you have shipped the item already, we would like you to first request the buyer to transfer the money again choosing the ‘goods/services’ option in PayPal. Considering the buyer has already noticed that his payment has been credited to his account, you would be right in asking for a payment again.

If you have anymore questions, please feel free to post them here or reach out to your account managers.

Regards,
The eBay India team

[amitava123gems]

Dear Mr Sushant,
Thank you very much.
I shall start listing again tomorrow.
Just to clarify about postal order,I never enter that option in my listing.An old lady,had problem with PayPal and I had to accept postal order.But this is only an unusual situation,which I had to concede to.Also the cost of encashing BPO through bank is very high and it takes more than a month.It cant be an alternative to PayPal.I discourage all to accept BPO.
Sorry.
Thanx again,
Truly,
Amitava