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

Finally something

i got a email too

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. 

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

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

Sincerely,

PayPal

Code (markup):

 

We are exporting our service so we also fell under that categories.

 

"This is a mail i got today fews second Before. Be happy guys. No need to worry now."

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.

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

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

Sincerely,

PayPal

 

great news.....

 

Read other threads before start a new Topic.

We already have it:
http://forums.digitalpoint.com/showthread.php?t=1712755

 

what is Export Code and how can we get it?

 

Wait for March 1, you will get complete idea. Don't be panic much about Export code. PayPal mention on technical term, specific information will be release on March 1.

 

what is Export Code ???

 

oops sorry I just posted due to excitement. mods please delete this thread.

 

i also recvd the same mail..

 

Recently I got a mail from paypal:
It says that they are working with RBI to solve the current problem, and from next Wednesday we will be able to withdraw money to our bank accounts.

It is a good news for Indian Freelancers and small companies. Thanks to PayPal for this update.

It also says that we have to give "Export Code" for withdrawal. I don't know what is it.

 

What is this export code?? I am a freelancer and i dont know whats this thing paypal has asked.

 

IEC ( Indian export code )

http://www.infodriveindia.com/IEC-Code/Default.aspx --> This one has many details regarding the IEC code
http://www.importexportcode.com/default.html --> How to apply for IEC

 

If you have read your email , it clearly states they will inform the proper procedure by March 1st

 

They said " 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:

ANd said " 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."

That means we still cant withdraw money to local bank as a freelancers who has personal account?
it will still take time?

 

Guys so now all our withdrawals will be under RBI scanner ??

 

Here is the application form:
http://www.infodriveindia.com/Content/Exim/Appendices-Forms/ANF-Form-2009-2014/ANF2A.Doc

Looks like we fall under "Service Provider".

Note: If anyone here from Chennai has contact with a CA plz. inform me via PM. I would like to get some help on getting this IEC Code after paypal gives more details on this...

 

Everyone getting same message to get proper information to us. Looks like all problems now solved except Personal payment option.

 

To be honest i was never in favour of personal payment option...paypal deserve there fees..

 

Hello, Dpers,

Just a few seconds back We ve got these.. emails. Think that everyone is getting..


but its not for personnel payment, but biz.

PayPal

Dear David Expert,

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.

You can check the PayPal blog for additional updates.
- Show quoted text -

www.thepaypalblog.com We thank you for your business and for your patience during the past few weeks. Sincerely, PayPal
Copyright© 2010 PayPal Inc. All rights reserved.

Consumer advisory: PayPal Pte Ltd, the Holder of the PayPalâ„¢ payment stored value facility, does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully.



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