Yesterday got email from paypal:

Subject: Change in Withdrawal of Funds from PayPal Accounts for India Users

	PayPal Home

Dear XXX XXXX, In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user. From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly. To request for a cheque withdrawal: Log into your PayPal account, click on ‘Withdraw’. Click on the ‘Request a cheque from PayPal’ link. Enter the withdrawal amount and select your mailing address, then click ‘Continue’. Click ‘Submit’ to confirm your request. In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards. For any questions, please log into your PayPal account and click ‘Contact Us’ at the bottom of the page. We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible. Thank you, The PayPal Asia Team

Indian users of online money transfer service PayPal face a long wait after the firm abruptly suspended personal payments because of regulatory issues.

According to BBC News:  Last month’s move followed questions from the Reserve Bank of India (RBI) about whether PayPal complies with laws on cross-border money transfers.

Neither PayPal, which is based in the US, nor the RBI was able to say when the issue might be resolved.

The affair has left many Indian users of PayPal frustrated.

‘Fast-growing market’

PayPal says in its blog that its personal payment service for India would be suspended “for at least a few months”.

The company could not give figures for the size of its business in India, which is believed to be relatively small. However, PayPal spokesman Anuj Nayar told the BBC that India was a “fast-growing market”.

The problem is over the Payment and Settlement Systems Act, which came into effect in India in August 2008.

The RBI says that under this act, any money transfer scheme has to be authorised by the Indian authorities, which PayPal is not.

The RBI would not give details of its discussions with PayPal, but says it has sent the company some questions to respond to. Government sources in India have said they believe PayPal was aware of the implications the change of legislation would have for its business.

The stumbling block is whether PayPal personal payments – as opposed to commercial transactions – amount to cash remittances. PayPal says it only operates online and it is up to users to get money from their PayPal account to a bank account to encash it.

Some Indian PayPal users are small businesses for whom the system is a quick and effective way to transfer funds.

Angry posts on social networking sites have complained about money being lost because of transaction fees, and of not being able to transfer funds to local banks once the PayPal service was suspended.

PayPal has pledged to sort out these problems and some PayPal users seemed to blame Indian bureaucracy as much as anything else. “Always wonder why regulators in India are keen on blocking stuff,” commented one Twitter user.

Paypal will refund US$5 cheque withdrawal fee for Indian users read more

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Noir-themed gambling guide releases its official theme song and announces forthcoming developments.

For Immediate Release
Road Town, Tortola – [18^th March] 2010 – Today, leading Web-development firm, MediaTier Ltd., christened AceHoyle.com’s Music & Videos section with the release of an original theme song by Boston indie rockers The Honors.

The new track, titled “Ace of Face,” is a tongue-in-cheek homage to theme songs from 1980s media franchises like “Masters of the Universe” and “G.I. Joe: A Real American Hero.” A specially commissioned project, it will only be available for purchase through AceHoyle.com’s official store, Dick’s Dastardly Den.

The release coincides with the launch of AceHoyle.com’s Hoyle-ites Radio, which will allow users to select between and play the site’s musical offerings. Initially, the playlist will only include “Ace of Face.” However, additional songs will be added when AceHoyle.com’s Sonic Showdown Contest launches later this year.

Alongside the Sonic Showdown AceHoyle.com will launch a Hoyle-ites Video Diary tool that will allow users to upload music, movies and other content. The ongoing contest will invite any band registered with the site to compete for prize money and a chance to have its song appear on the official “Adventures of Ace Hoyle” soundtrack.

The Honors’ offering is already scheduled to appear on the forthcoming record, which will be for sale in Dick’s Dastardly Den. It will also figure into several other projects, including a flash-animation Web-comics upgrade, an official Facebook application and an animated series slated for 2011.

Commenting on the theme song, AceHoyle.com Executive Editor Phill Provance said, “This is the first of many steps we’re taking to make the site more than just your average gambling portal. The Honors is really such a talented group of guys, and we feel absolutely blessed to have had a chance to work with them.”

Those interested in learning more about The Honors can do so by visiting the band’s homepage or by attending one of their shows. Confirmed appearances include The Great Scott in Allston, Mass., March 12 and The Middle East Upstairs in Cambridge, Mass., April 1 and May 8.

About the Publisher

Tortola-based MediaTier Ltd. is a leading online developer specializing in online-gambling portals. For more information on AceHoyle.com or the company’s other offerings, please contact the site’s editors at editor@acehoyle.com, or through Contact Us page.

Its approx 1 month PayPal has sort out the Indian bank withdrawal problem, PayPal <> RBI has created this issue and we customers had this big problem, finally i got email by PayPal about the solution.

Lots of discussion created during this period of time on public forums like digitalpoint and other.

Here is the massage i got from PayPal yesterday :

PayPal

Dear xxxxx xxxxxxxxi,

We have been diligently working with the RBI and our businesspartners to resume Indian bank withdrawals for the thousandsof Indian businesses who depend on PayPal to sell their goodsor services in the global marketplace.

Today, we are happy to announce that the RBI has allowed usto continue local bank withdrawals for settlements for exportsof goods and services. We are currently making changes tocomply with Indian regulations for settlements for exports ofgoods and services, and we anticipate that, as of Wednesday,March 3rd, customers will be able to use ourbank withdrawal service.

As part of the changes, you will be required to fill out anew field entitled ‘Export Code’ when you request a withdrawal.This information is required under the current laws of India inorder to identify the nature of cross-border merchant transactions.

On Monday, March 1st, we will be back in touch with specificinstructions on how you can move your money into your bank account.

Moving forward, the RBI has told us that PayPal needs specificapprovals to allow personal remittances to India, which wecurrently do not have. Until we get these approvals, personalpayments into India will remain suspended. However, if you arean exporter, you will continue to be able to use the PayPalservice for payments of goods and services. In fact, with thechanges we are making to our system, PayPal is now set to be amore powerful engine for exporters in India. With purpose codesfor export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the exportrelated benefits you seek.

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

We thank you for your business and for your patience duringthe past few weeks.

Sincerely,
PayPal

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From now to next 12-24 hrs, our visitors may face resolving issues on our directories. We are changing our hosting due to recent server failure issues, after that our directories will perform more faster and secure.

Sorry for the inconvenience.

At iaskmedia, we are expanding our network of web directories, we already have more than 6 new general web directories, and the list is growing fast:

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We are trying to finish these directories very soon most probably they all will be launched in the med of Feb.