PayPal has declared that the users cannot access the electronic withdrawal facility from 1st Aug, 2010. The Ebay’s payment company took the decision that till 29th July, 2010 the users can make their transaction, after that [....]

they can withdrawal their money through the checks.

This information got confirmed through the blog which PayPal published two days back. According to Dickson Seow, Corporate Communications team, the change has been introduced in accordance with regulatory instructions.

Paypal stated that while the company is functioning towards restoring the facility it has the alternative options in place for future payments which is the cheque payment process. However, this will take $5, but company will return this amount as well.

Perhaps this is for the second time when something like this has been imposed to Indian users. Last time the shocked came in the month of February, when company decided to suspend the transactions. But the matter soon gets solved after RBI showed the green signal to the company.