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

Guys but the issue is how are we going to get this code we have to apply to govt ?

 

Hi


I got this mail from Paypal few minutes back

So we will be able to use Bank Withdrawals once again from early March

Regards,
97

 

Go to nearby Export/Import office (simply called EXIM), apply it, It takes less than 7 days and it will cost 2500-3000 Rs.

 

Yes I too agree with you. After all they are take caring our payments! Everyone charging money so why not PayPal too!

 

I hope we also get our money back, that has been suspended in between. I mean the money thats not in bank and not in paypal.

 

Now how do we get FIRCs (Foreign Inward Remittance Certificates)
How do we get Export Code, every time we do withdrawals.
Will it be easy to follow, or make more complication ?

 

Nothing to worry about if you pay your tax properly..

 

all paypal users got this news... ))))))))))

 

BTW these IEC codes are only issued to companies not to us.. maybe its going to be like paypal will have thier own codes 1 for services 1 for goods and using that we can withdraw

 

Yes if in case we need to apply for that then it doesn't means that it's take long time, Just concern with CA and fill an application form in local office, it will take up to 15-20 days depends on your location. All our documents sent to RBI to get final approval.

 

PM me. I am from Chennai.

 

Finally a good news from Paypal, but still these are some confusing, let us wait for March 1.

 

Hi...

Finally (Nothing else to say , Pasting my Email here) Got it today From Paypal

"
PayPal

Dear XXXX XXXX,

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


"

Waiting For 3 march ... Till then Happy Holi

 

yes , but dont just go running today...Wait till 1st march...maybe its much simpler than what we are thinking

True........

 

But an individual cant apply only companies i guess

 

Yea i guess , thats why better to wait for 2 more days rather making our own assumptions

 

yes,me too got this mail. i am happy now. i can withdraw fund's to bank soon...

 

Yes that's why we have to wait for March 1.

If I am not wrong then PayPal may provide option to enter different codes like IEC Code, PAN Card and others.

 

Or maybe we withdraw using paypals IEC codes so that the govt can keep a track easily

 

Its no good news for us as we do not have any such Exporter code.How come sellers who sell stuff through ebay will have such codes!!