Of late under the pressure from Reserve bank of India, PayPal has rolled out the service whereby any amount in the account of the holder will be immediately auto debited to the individual’s bank account and no charge will be deducted. As you can see an auto debit has been executed for our PayPal account automatically. Earlier one needed to place a request with PayPal for transfer of funds to the owner’s account.
Earlier PayPal was charging Rs 50 for any withdrawal less than Rs 7000. This is a good relief, however one will now again pay charge if one intended to pay to any third party through PayPal as PayPal will deduct the charges.
This is to be taken in the positive spirit as RBI is dong this for the betterment of the nation and we all want India to be a force to reckon with as earlier some anti national elements may have had been using this mode of receipt of funds for terror network funding or as a matter of fact running hawala network or for undertaking any anti social activity. Thanks RBI for your efforts as it has helped India stay afloat from global financial meltdown and has tried to tighten noose against the neck of those who are undertaking nefarious activities.
Update : If you have a Paypal Account read below else you will not get funds.
Paypal is under a lot of pressure from reserve bank of India and is asking its all account holders in India to update their bank accounts with their Paypal accounts failing which their accounts will be barred from receiving the funds and they are issuiong reminder aftre reminder and a sample of reminder is as listed below:
We emailed you a little while ago to ask for your help resolving an issue with your PayPal account. Your account is still temporarily limited because we haven't heard from you. We understand it may be frustrating not to have full access to your PayPal account. We want to work with you to get your account back to normal as quickly as possible.
What's the problem?
In accordance with Indian regulations, you are required to add a PAN, purpose code and bank account in India to your PayPal account in order to receive payments and withdraw funds.
Reference Number: xxxxxxxxxxx
How you can help
It's usually pretty easy to take care of things like this. Most of the time, we just need a little more information about your account or latest transactions.
To help us with this and to see what you can and can't do with your account until the issue is resolved, log in to your account and go to the Resolution Centre.
Yours sincerely,
PayPal
Help Centre:
https://www.paypalcom/in/cgi-bin/helpweb?cmd=_help
Security Centre:
https://www.paypalcom/in/security
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