Anyone else got the email alert after withdrawal (Indian Paypal Users) ??

We can try that but I don't think its gonna make any difference since the problem is more from RBI side. We should send mail to RBI requesting not to push Export Code on us Freelancers. We should also tell RBI that PayPal is providing service in 190 countries and no other Reserve Bank or Govt has imposed such rule. RBI should not dictate rules. This rule is completely not required.

It would have made some sense if we were taking money in cash from PayPal.

 

yeah you are totally right but i somewhere read in other thread that paypal will give us the code is it true? and i wont apply for this rubbish IEC code rather i will use bank wires than...i am no big time exporter dealing in millions.......

 

We are not connected to RBI, we are connected to paypal, Paypal acts as middleman and connects to RBI.
RBI is much bigger than paypal and i don't think they'd bother to reply there heh.
It's better to take the smaller route and pressurize paypal. paypal can inturn show these emails to RBI and deal with them.
By Pressurizing i do not mean, abuse them. In polite them tell them the problem about freelancers. Not everyone transfers money for Import and Export. Many individuals also transfer money. Everyone dosen't have a company or firm.

 

It's a rumor. I don't think PayPal is authorized to give us any code. Maybe they have some sort of understanding with RBI. I don't know but we will find out tomorrow.

I think this code should only be implicated on person withdrawing more than $500 to $1000 per month. Not for people withdrawing $50 or 100, its stupid.

I also think that we should write to BJP. If they protest in Parliament on the issue saying that Congress and RBI is torturing Aam Admi, I think UPA will back down since they are taking a pounding on the Aam Admi issues like Inflation. I can't say if it will work but if we write to BJP in Mass number they can do something about this. BJP is a political party they won't miss such opportunity specially since this rule is totally unnecessary.

Don't mind but its just a suggestion, I am too suffering because of all this and my mind is not working properly.

 

Again since RBI is dictating terms here, PayPal can't do anything. If they had any power to do anything trust me they would've.

 

How is moneybookers transferring funds?
Then can simply use wire transfer

 

yeah if RBI is messing with PayPal then they can certainly pull up MB/AP/Payoneer and all such processors one by one and maybe stop wire transfers too .. and what are they going to do about Western Union.. I guess they'll try to control everybody .... let's see what comes next.

 

I Just Applied For IEC Code Last Month And I Received it Within 7 days.
"Current Account" & "Bankers Certificate for that Account" Is Must.
It Took Me Nearly 1 Month For Completing "All the Process" and Receiving "IE CODE".

 

This is really bad news for us! We all should join hands and do something to make RBI realize they are in fact doing it bad us (the common man)! anyone any suggestions?

 

since you applied for it a month ago we can assume that you actually needed it and are working in capacity of a business.

Also, what are the requirements of getting a current account?

 

can anyone tell me, with out IEC code can we withdraw funds? I mean can we still withdraw funds via check without IEC code like how we are doing now?

 

Wait for update from PayPal why all are so in Hurry

 

I am also thinking the same. Lets wait for some more days until the picture gets cleared. Maybe paypal will suggest something regarding this code issue.

 

Ya Sure. I Planned to do EXPORT BUSINESS. So I Researched All Banks to Apply for A Current Account. Then i got a best its " Axis Bank". I Applied For a Basic Current Account as a Sole Proprietor . "For Seal" & "SMALL BUSINESS REGISTRATION CERTIFICATE" Is Needed.
After I Received Current Account , I Went to My Branch and Received Bankers Certificete.
Applied For IE Code with DEMAND DRAFT , BANKERS CERTIFICATE, PAN XEROX , PHOTO .
After I Received IE Code , I Changed My "Basic Current Account" In Axis Bank to "ZERO BALANCE - BUSINESS GLOBAL CURRENT ACCOUNT" .
STARTED EXPORT BUSINESS.

 

Congrats for your new business.
This seems to be a complicated process.

But my question what will be done for the "Services"? I mean what kind of code will be required for that?

 

@ Krishes

so we surely need a "Company" to get 'current' account!

 

Guys, why don't you try to withdraw to your card ?

 

Same Export code is required for services as well.

 

Yes, Current Account is for Business only not for Individuals.

 

One easy way is there .
Just Contact your nearest bank branch "Current Account Opening Officer". Sure he will help you in whole process for opening an account & getting IE Code.