Few days back, I have published an article about the PayPal reversal problem in India. The main problem was with the halt on personal transaction to and from India. PayPal says that it will at least take “few months” to solve the personal transaction problem with the Indian regulator.
Although the main problem was with the Personal transaction but every kind of transaction that occurred with Indian were reversed earlier which caught the Indians into great worry and dilemma. Due to payment reversal, thousands of Indian online business doers were experiencing negative balance in their PayPal account including me. Lots of people were losing their mind as many of them are full time online business marketer. They solely depend on their online income and hence many of them are still experiencing sleepless nights. With the sudden reversal on the Payment by PayPal, there was huge discussion everywhere regarding the issue. You can check out the DP forum for the hot discussion.
Although, the PayPal reversal problem in India is nearly solved as there is no more payment reversal from last 2 days but the current payment withdrawal from PayPal to Indian local bank is still in halt for few more days. I too didn’t experience any reversal from last few days. All my clients have resent the reverted money to me again and there was no more payment reversal. Even the Company reviewme.com and TLA have repaid me and all other people. Here’s the Update from the PayPal official of the current Update on the PayPal reversal problem in India:-
Source: - https://www.thepaypalblog.com/2010/02/update-on-paypal-situation-in-india/
1. Why did you suspend local bank transfers and personal payments to and from India?
We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India.
We’re working with the regulators and our bank processing partners in India to get this resolved as quickly as we can. We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal
2. When will personal payments be turned back on?
The regulators recently let PayPal know about revised licensing rules that we are now actively engaged in securing. Personal payments to and from India will be suspended for at least a few months until we fully resolve the questions from the Indian regulators.
3. When will local bank withdrawals be available?
Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, we’re going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.
4.The PayPal reversal has left me with a negative balance. What shall I do?
If you bought something or transferred money out of your PayPal account to your bank account before we reversed the payment then you may be left with a negative balance.
If this was a payment for a purchase of goods or services, you should contact the sender and have him or her resend the payment as follows:
(a) click the Send Money tab, and
(b) select “purchase.”
If this was a personal payment, then the sender will need to find another payment method until we restore the service. We’re sorry about this.
If you can’t recover the funds from the sender, you can bring your PayPal balance current by logging in to the PayPal account and clicking the “Resolve Negative Balance” link on the Account Overview page.
5. My payment was reversed but it was not a personal payment. What happened?
Only personal payments should have been reversed. Customers who believe that their payments were reversed in error should request that the payment be sent again by following the steps above (click the Send Money tab and select “purchase.”)
You can also read why there was sudden issue on the Personal transaction of PayPal? It was due to some Regulation implemented by the Reserve Bank of India (RBI). You can read the details at The New York Times Online Newspaper – http://www.nytimes.com/2010/02/11/business/global/11paypal.html?partner=rss&emc=rss .
Will update you soon when the payment withdrawal starts smoothly.
Update: - Just last hour, PayPal have paid me the money which I lost due to currency conversion while withdrawing the money to the local bank. PayPal paid the money back because the money didn’t reach our bank and was credited back to the PP account. You can visit this thread- http://forums.digitalpoint.com/showthread.php?t=1691702 which I have started on DP forum and participate there. Lots of people will be participating and will see you there.
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