PayPal Resumes Bank Withdrawl In a Few Days By March 3.

Discussion in 'PayPal' started by Indiabulls, Feb 26, 2010.

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  1. sologame

    sologame Guest

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    #21
    Yea , thats well said.

    May be they can give us a proper procedure for acquiring IEC or even a ready made one :D
    Lets wait, my hope is getting shape again. Im praying god for good things to happen. :)
     
    sologame, Feb 26, 2010 IP
  2. Rohit patel

    Rohit patel Prominent Member

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    #22
    Yes we waited for more then 1 month so it's better we wait 2-3 days more I am sure PayPal tell us how we can transfer those money with using code! It may possible we need to add PAN Card option!
     
    Rohit patel, Feb 26, 2010 IP
  3. Oranges

    Oranges Active Member

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    #23
    One problem solved, Now second started!! Gotta wait 2-3 days to get the real story behind the scene.
     
    Oranges, Feb 26, 2010 IP
  4. Rohit patel

    Rohit patel Prominent Member

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    #24
    It's not a problem, it's process and overall it's not tough one, you also get export benefits on Taxes too.
     
    Rohit patel, Feb 26, 2010 IP
  5. Oranges

    Oranges Active Member

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    #25
    Yes i know! But from last few weeks, its been so frustrating, that even good news sounds like "its too good to be true" from paypal lol. But anyway, you're right, we may need to add our PAN No., if that is the case, still its a great news for all of us.:)
     
    Oranges, Feb 26, 2010 IP
  6. Rohit patel

    Rohit patel Prominent Member

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    #26
    Yes specially for those who are regular tax payers ( Including me:p) :D
     
    Rohit patel, Feb 26, 2010 IP
  7. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #27
    Do you really think that we get 'Export code' or IEC whatever easily ? :confused: Nah..

    DON.
     
    deluxdon, Feb 26, 2010 IP
  8. Rohit patel

    Rohit patel Prominent Member

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    #28
    It's take sometime but not lengthy and tough process and if you spend some "Gadhi Bapu Notes" then world is yours.:p
     
    Rohit patel, Feb 26, 2010 IP
  9. adithya

    adithya Well-Known Member

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    #29
    adithya, Feb 26, 2010 IP
  10. Rohit patel

    Rohit patel Prominent Member

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    #30
    I guess no need to open it as I doubt anyone here have IEC Code.:D I am sure PayPal will inform us how to follow legal process on March 1 and we will get clear information from them.:)
     
    Rohit patel, Feb 26, 2010 IP
  11. oohaah

    oohaah Active Member

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    #31
    I am earning with hotfile.com. Am I able to withdraw funds from my paypal to my bank account. Please confirm me.
     
    oohaah, Feb 26, 2010 IP
  12. Rohit patel

    Rohit patel Prominent Member

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    #32
    Everyone can withdrawal from PayPal from 3rd March, but you need to provide code! Wait for March 1 so we would have clear information.
     
    Rohit patel, Feb 26, 2010 IP
  13. oohaah

    oohaah Active Member

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    #33
    Thanks for your reply but can you tell me how can I avail the code and provide.
     
    oohaah, Feb 26, 2010 IP
  14. Rohit patel

    Rohit patel Prominent Member

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    #34
    Best advice I can give you that wait for 2 days! Also you can easily ask any CA or Merchants who are dealing with Import Export to get proper information. Best option is contact your CA.:)
     
    Rohit patel, Feb 26, 2010 IP
  15. Oranges

    Oranges Active Member

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    #35
    You need to consult with your CA or legal adviser, with all these info and paperwork ready!
    http://www.importexportcode.com/iec-papers.htm
     
    Oranges, Feb 26, 2010 IP
  16. sologame

    sologame Guest

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    #36
    everyone huh !
    im sure not even 60% of the people here from india dont have iec.
     
    sologame, Feb 26, 2010 IP
  17. powerboss

    powerboss Active Member

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    #37
    Why do we need iec when we are just freelancer's. Does rbi and paypal don't know if whether for the money we receive or get online does not hold any good, but just services.

    all rubbish.....
     
    powerboss, Feb 26, 2010 IP
  18. salaxzar

    salaxzar Well-Known Member

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    #38
    better to wait for 2 more days...
     
    salaxzar, Feb 26, 2010 IP
  19. rathin

    rathin Peon

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    #39
    yep this is the great info
     
    rathin, Feb 26, 2010 IP
  20. dhpd22

    dhpd22 Peon

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    #40
    We have been diligently working with the RBI and our business
    partners to resume Indian bank withdrawals for the thousands
    of Indian businesses who depend on PayPal to sell their goods
    or services in the global marketplace.

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

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

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

    Moving forward, the RBI has told us that PayPal needs specific
    approvals to allow personal remittances to India, which we
    currently do not have. Until we get these approvals, personal
    payments into India will remain suspended. However, if you are
    an exporter, you will continue to be able to use the PayPal
    service for payments of goods and services. In fact, with the
    changes we are making to our system, PayPal is now set to be a
    more powerful engine for exporters in India. With purpose codes
    for export transactions and FIRCs (Foreign Inward Remittance
    Certificates), you should now be able to get the export
    related benefits you seek.
     
    dhpd22, Feb 26, 2010 IP
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