Yes you read it right. We just got a comment in morning where one of our readers, Sujit, who faced an issue while transferring funds from Paypal to his Indian bank account . He shared the Email with us which I am posting below :
Comment from Sujit : I just talked with my friend who works for PP’s back office here @ Chennai. The delay is because RBI has requested documents from PP a month back and now that PP failed to produce it, RBI just sent back the NEFT money to PP. Only after PP woke up and sent the documents. Now, all our funds have already been sent to PP’s clearing house. I hope that we get the money in 2-3 days (excluding the weekend days)
PayPal is currently facing some issues while transfering funds to indian bank accounts. It may take 7-10 more days for the funds to reflect in your accounts if you tried to withdraw after 30th January 2010. I got a mail from paypal which says
==>>Date: Sat, 30 Jan 2010 14:00:12 -0500
Subject: Notification of Withdrawal Delay
Dear XXX YYY,
We are currently experiencing an issue processing withdrawals to Indian bank accounts. As a result, there may be some delay in withdrawals from your PayPal account to your bank account.
We apologize for any inconvenience this has caused, and are doing all we can to resolve the issue.
Copyright © 1999-2010 PayPal. All rights reserved.
Consumer advisory – PayPal Pte. Ltd., the holder of PayPal’s stored value facility, does not require the approval of the Monetary Authority of Singapore. Users are advised to read the terms and conditions carefully.
There is nothing you can do as of now but wait till the issue is resolved by Paypal Itself. In case you try doing it now your payments will be returned back as confirmed by Nirmal on his Tweet
Related : Seven things you should know before calling PayPal