Paypal has stopped the electronic transfer.

[vismat_mega_store]

Dear all, today i have received a mail from paypal stating that they are withdrawing the electronic service from India. Now we can only withdraw from cheque and they will not charge 5$ fee for it. But the only worry is that it takes near a month for bank to credit the money in our bank account. Well whats your say on this.

[vismat_mega_store]

Hi All,

as we all know that the cheque comes in US$ not in INR. My bank refused to accept the cheque. And I dont know what to do about it.

How can we deposit a Foreign currency cheque in Indian bank?

what all documents we require?

What if we do not have an IEC code and we deposit the cheque?

What are the points one has to keep in mind while depositing the cheque?

What is the fee for withdrawing money through cheque?

Which bank has the lowest fees for the foreign cheque?

What is the maximum amount in a month we can recive through cheque as per the Indian standard not paypal?

Regards

[blindsncurtains]

Hello sainathphila.

I would Like to Inform you that the cheque comes in INR not US$, you can deposit it to any of your account, just as any ordinary cheque.

Also as Pay Pal did lat time, they have promised to refund the fee US$ 5 that they charge.

YES this is a time taking process, as cheque are sent by post & there is no tracking details available.


Alex

[vismat_mega_store]

Dear Blindsncurtains,

What i received is a US$ cheque and as far as I blv tht paypal always sends US$ cheques...!!!

Is der anyone who can put confirmation on this???

Regards

[blindsncurtains]

HI.

I don't know how, I have got an Pay Pal account for over 6 years now, first it was an US account & later converted to INR & since then I have received all cheque or transfers in INR ONLY.

Alex

[e.jewel]

@ sainathphila

Dear, PayPal will be sending the cheques in INR to it's Indian users.

eJewel India

[real.phoenix]

@ sainathphila,

PayPal check is received in the currency that is used to register the PayPal account. For Indian bank account holders, it is always INR. PayPal cheque is issued in INR only.

The only negative aspect of the cheque transaction is that PayPal uses the common mail to post the cheque containing high value for us. If PayPal uses Speed Post or mail with a tracking facility, then the sellers won't complain at all.

Previously, I suggested eBay team as well as PayPal team to make an arrangement wherein the cheques of Indian PayPal account holders are received via Speed Post and PayPal could charge us for the same. Or alternatively, PayPal could also tie-up with a good courier company or eBay and sent the cheques in bulk to India and then the courier company can re-distribute the same. However, they are not implementing this simple resolution.

@gk_creations123

My apologies if you found my first post against eBay. My intentions were not to hurt your emotions for eBay.

If you read my post carefully again, you will agree that I didn't write anything against eBay. I wrote against PayPal and what I mentioned was true. I've been dealing with PayPal since last 4 years even before I started dealing with eBay.

Please understand the fact that India is a huge economy and any company dealing in India will have to abide by the laws of Indian government. RBI is asking PayPal to abide by its laws which PayPal is failing to do. This is the reason for the recurrent issues such as this.

You all would certainly agree that for any company to do business in any country, it has to follow the rules and regulations of that country. The other money-transfer companies like Western Union have followed the RBI laws and therefore they aren't facing any problems. PayPal doesn't follow RBI guidelines resulting into this.

Though eBay and PayPal are owned by the same person, eBay is not responsible for PayPal's inefficiency.

Lastly, I sincerely appeal to fellow Indian...

Please don't blame your own motherland just because your business is affected. Indian Govt. is not primitive. Our business policies are much better than most of the so called open economies. Our business environment is more open to the foreign companies. But RBI needs to have strict rules for the foreign companies to prevent another East India Company like situation. Please remember, Britishers also came just for business....

[amitava123gems]

Please refrain from referring to The Honorable East India Company and the Company sponsored indian muslim emperors.
If INA would have won the war, there would not have been a pakistan and China would not have dared to invade india. Nehrus and Jinnahs and Gandhis have done only bad.

[kvsuperstore]

As I see it it is only because paypal is such a big company that it probably does not have time to comply with all rules and regulations regarding foreign currency. But now we have to decide whether we want to be a rural economy or a financial superpower. I am not criticizing a rural economy but we have to consider that China is our neighbour and it is a gigantic superpower financially. the ministers and all out there are there just to fill their coffers but we have to understand that if India has to exist between neighbours like we have we must have lots of money and that can come in only if we liberalize our forex regulations. paypal does not really care about India because it has operations is so many countries. the onus lies upon us to write to our ministers and MPs about this. so it is no use just raving and ranting about paypal... write to your MP and let him put up this question in parliament. We are serving our country by bringing in forex and those netas are making our country poor by selling it to big multinationals. We deserve awards but what we get is hurdles in our business..

[kvsuperstore]

Till date I have taken 5 checks from paypal. They came in after an average of two weeks by ordinary post. checks worth nearly 25000 rupees were dropped by the postman at the doorstep of my house. I could have lost it had my servant not brought it in. The cheque was payable at CITI bank and was in INR. it took just 2 days to encash once deposited in bank. 2 checks were lost. I requested another check in their place but had to pay paypal funds reversal fee and then again cheque withdrawal fee for new check. then the checks did not arrive for a long time. I called up paypal in USA and they put me on hold for 15 minutes. This can be a greater nightmare than all Nightmare on Elm street movies put together ! So better start writing to authorities and fill up the blogosphere with your comments. Fill up twitter and fill up facebook and fill up orkut

[amitava123gems]

Indian government treats Indian citizens like slaves.
Opt out of feudal economy.
Open your eyes.