Hello,
Just received some positive response from ebay India. In brief, Ebay India has provided a link where we can submit our details/problems regarding this Paypal issue. I have contacted my friends and strangely only a few received this mail from ebay India. I request to affected sellers, please follow the link given below and submit your details
http://pages.ebay.in/selling/PPCSForm.html
It has been discussed many times but the truth is there is NO alternate to paypal, at least not for ebay sellers. Once Alertpay, moneybookers etc would become popular as Paypal in India, they will also draw /exchange huge amounts of currency daily and then RBI will order them to follow same procedures. Paypal has been appyling all the rules and regulations slowly but surely because paypal wants to stay here but i think others will leave the country the day they face these regulations.
Regards