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I thought blinking text went out with MySpace...

As for the info, it sounds like it isn't PayPal but the Indian Government that is the problem here.

Note that this only affects electronic withdrawals, check withdrawals are still possible and paypal will actually cover the $5 processing fee.
Yes but as an Indian user my immediate worry is whether they will send the cheque by Government post. If they do, it is likely that many cheques will be delivered late or never.

This adds a massive layer of unreliability for us in India.

That seriously sucks. How about teaming up with people in other countries to receive the funds and send them to you via western union or so ?
Yes that could work as a last resort. Western Union and other money transfer services are widespread here because expats send back a lot of remittances to their relatives, etc.

Two nuisances: 1. Higher fees, possibly. 2. Hassles with the income tax authorities: people might be asked to produce a signed letter from their foreign friend for every deposit.

I don't know where you stay in India, but here in Pune (Maharashtra) the Government post is quite reliable
Patiala (Punjab). It's never been reliable here. Even Speedpost (Government-run express mail) commonly arrives a few weeks late.
Here's PayPal's announcement about it: https://www.thepaypalblog.com/2010/07/update-on-paypal-accou...
They do say they are working to restore it in the long term, but it's not clear if it's a technical or a regulatory issue.
"In accordance with regulatory instructions" has the overtone of a regulatory issue, but their little communique fails to elaborate properly, thus I assume paypal messed up somehow.

It does reiterate several times how sorry they are. They are so sorry. So so very sorry.