Posted: in Finance by Manish Kumar 3 Comments

Paypal Payment Reversal Problem

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Paypal has reversed all “To” and “From” Personal Payments from India very recently. The paypal reversal problem has made many people angry. I have personally sent an email to paypal regarding this problem but I haven’t got a formal reply as of yet.

The problem seems to be caused by some form of dis-agreement between Paypal and RBI on matters of foreign exchange. There has been many discussion going on about this topic, even on the official Paypal Blog.

Latest updates from Paypal says that they are taking this issue very seriously and are having constant talks with the RBI authorities to resolve the issue. Furthermore, it also says that the problem may be resolved within a few days.

Afterall, with millions of Paypal users in India, the company should try to get back their business sorted out properly, and soon.

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Comments/Queries

  • nikks
    Feb 07, 2010 at 11:04:am

    Sir that is ok. But could you pl. tell me i have withdrew $400 from my paypal account to ICICI Bank India. I have not received the payments to my bank account yet. pl solve this problem.

    Let me know whats the reason for this

    Thanks
    pl reply me at nik.singh31@gmail.com

  • Rohan
    Feb 09, 2010 at 12:08:pm

    Same problem with me around USD150 is withdrawn towards my SCB a/c. from 3 feb 2010 payment has not received yet. Please RBI do something otherwise paypal eatup all money.

  • Rahul Patel
    Feb 18, 2010 at 02:15:pm

    Sir,

    It’s Ok for not to made any PERSONAL transaction to or from India. But As my payment have been confirmed by Buyers (as Services) and the money is now in My Paypal account. As I am an Indian and I have created an account from India too.. :)

    Then how paypal should stop my withdrawals??

    RBI: Have instructed them to do this?? If so, then this is Wrong. By this, RBI is giving a big chance to earn Paypal.

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