Ebay's payment company Paypal has given second blow to the Indian users with the announcement of removing the electronic withdrawal functionality for Indian users from August 1, 2010.
Dickson Seow, Corporate Communications team, Paypal communicated through its blog that the change has been introduced in accordance with regulatory instructions.
“At present, you can request for either an electronic or cheque withdrawal of funds from your PayPal account. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account,” it said.
Paypal stated that while the company is working towards restoring the facility it has the alternative options in place for future payments which is the cheque payment process.
The company is ready to refund the $5 USD cheque withdrawal fee to for cheque withdrawals made from July 29, 2010 onwards, it said.
The first shock from Paypal came earlier this year, in February, when it announced the suspension transactions to and from India. However, that was brought back into working within a few weeks.
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