(2011-09-13, 08:17 AM)kavin Wrote: [ -> ]RBI isn't worrying about those "black money" guys. We people who earn few bucks by working online seems to be their prime concern.
Another stupid move by RBI.
@Andro:
Yeah! He is an Indian.
Update:
Just checked it, and it doesn't seems to be compulsory. Its an extra option, which we can set if we wish.
Yes,
black money ain't their SO CALLED target, its the prime people and freelancers who are on their aim.
And no, its compulsory, theres an option to choose bank but not an option to set it off, check it over your PayPal, its compulsory now.
As per
http://www.techiesguide.com/paypal-offer...users.html ,
PayPal has now provided Make Auto Withdrawal feature to their Indian users since they are no more allowed to keep any money within their account. It’s become mandatory to transfer any PayPal money to their respective bank account immediately.
Latest information as per
http://qualitypoint.blogspot.com/2011/08...-auto.html ,
Withdrawing your payments
What is auto withdrawal?
Auto withdrawal is the process of automatically transferring your funds from your PayPal account into your bank account in India.
Where will my funds be auto withdrawn to?
Your PayPal balance will be auto withdrawn to your bank account in India. If you have one bank account added to your PayPal account, it will be set as your auto withdrawal account. In case you have more than one bank account added to your PayPal account, you will have an option to set your auto withdrawal account.
Why are my funds being auto withdrawn?
This is an Indian regulatory requirement and applies to all PayPal users in India.
When does auto withdrawal happen?
Your PayPal balance is auto withdrawn to your local bank account in India daily. You can check your bank account within 5-7 working days after your funds have been auto withdrawn from your PayPal account.
Can I withdraw my funds?
You can also withdraw your funds. Here's how:
Log in to your PayPal account and click Withdraw at the top of the page.
Select the bank account you want to use.
Enter the amount and click Continue.
Select your purpose code for withdrawals.
Make sure that your information is correct and click Continue.
Can I use my PayPal balance?
When you receive payments and it is available as balance in your PayPal account, you must withdraw your funds or let withdrawals happen automatically. In accordance with Indian regulations, you can’t make purchases or send payments with your PayPal balance. Please use your card linked to your PayPal account to make purchases or send payments.
Darn.