Here is one comment from our reader Gavaskar which explains why transfer to Indian banks are delayed. This is in reference with Paypal issues which we many are facing these days with Indian Accounts.
we are slowly going out of our topic i think, may be because of me.
i got some information regarding bank transfers.
anybody knows in which way paypal transfers money to our accounts. the answer is “NEFT”. And currently this scheme is not functioning in India. My guessing is it closed it’s functioning from our independence day. So all the transactions were completed before that. But the new transactions after 26th will not be processed because the whole system is out of order.
RBI is going to fine tune the NEFT in certain criteria. see the below URLS.
so they told the NEFT system will run again from March 01. so if this the root cause for all the problems then we will get all our money on next month alone. God will help us.
There is no any information about the pending transactions in RBI. Even i can’t see these postings in RBI site. so RBI persons will not know anything about this. Also my bank persons didn’t get any information about this modifications so far. They will get information in the forth coming weeks then only start the necessary modifications, i think they are not started anything yet regarding this new modifications.
And if this is the real problem then why paypal reverse the transactions? And they can directly tell the truth to us. Because so many ways and other methods available to process the transactions. other than paypal, the remaining providers are using different methods. that is why they are working now itself.
And also the increase of NEFT transaction increases because of bank verification scheme of paypal (which we discussed earlier).
it will increase two more transactions for each person. Because of this alone it raised on January 2010.
And what is going on in India and RBI, why they didn’t told anything about this in media. I never see any information in media regarding this.
My another question is whether paypal has any legal issues related to hold the money in fly. that is whether they have any limitations to hold money to certain $ alone. in that case PayPal may not hold more money than the limit, so they should reverse. But i don’t know about this.
So My conclusion is we will not get money on this month through PayPal or RBI. Do some precautions at least for this month.
Also i need to tell you, some of my friends PayPal accounts were become processing their regular US sites. That means their account become unverified in those sites (may be freelancer sites). i don’t know the reason for this. Also some of the indian paypal personnel accounts didn’t have withdrawal screens for INDIAN Bank/credit cards. they automatically removed for those users. is it anybody have these kind of problems?
The above issue should be announced publicly at least before a month. why did the RBI or PAYPAL not doing this?