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

As said in the blog that paypal will be resuming its bank withdrawl by march 3. This is what they say:

"I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the 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. I will be posting another blog then."


But i have a question. What is Export Code and how do we get it. Or This is another trouble for all of us.

Looking forward for your answers....

 

Wow.... finally some good news! I was just beginning to lose hope on any resolution in the near future, and pat comes the update!

It is better late than never!

Regards,

RightMan

 

so Personal payments is not possible. only the exporters can get the payment with some export transaction code..

 

Wow So finally we have the good news

 

Great news! for all indians, lets wait for another blog...

 

Good news after long time.....Please update often in this thread and make every body happy!!!

 

http://www.infodriveindia.com/IEC-Code/Default.aspx#Definition_of_IEC_Code


I guess this article would help..

 

Can any one tell me what exactly is personal withdrawal ?
Im having premier account and individual type bank account and if i withdraw does it means im doing personal withdrawal ?
and who are exporters ?

 

I guess finally there is some light at the end of the road.. Thanks Paypal.. I hate you, I love you.

 

Seems like RBI recognises Paypal as only a merchant for buy and selling goods as they are with eBay.

But does RBI know that is Paypal also used by freelance service providers, what export code can we freelancers provide.

Is this what Paypal and RBI are into resolving all these days?

Lets hope for a better update on Mar 1st, i pray that freelancers can withdraw without any silly codes...

 

I have the same question. Can anyone clear this please ?

 

Personal payments are transactions between family and friends. They are not part of business deals as they do not have any underlying services/goods involved!

To quote Paypal itself:

We will be able to use Paypal for offering our services!

Regards,

RightMan

 

I guess so... as RBI seems to have decided to differentiate between personal and business deals with the help of this code itself!

Regards,

RightMan

 

But the Personal payments (Others option in send money page) is already removed by paypal thats why i fear why to mention this point, thats why im confusing whether they are mentioning paypal personal account or banks individual account.

sweet, but we need to provide IEC (import export code) ?

 

Where can we get export code ..
I am really damn confused regarding his blog post .. Have to wait till March 1st to see what exactly is this export code ..
Nevertheless a good news ..

 

Once i had imported a laptop from the usa and the customs sent me a letter asking some things which also includes IEC number, but when i called for a Custom Agents Broker help he get my laptop cleared from custom and it received to my home in 4 days.i dont know how he done it :O

 

Better wait for 2-3 days we would have proper idea how we can obtain it and what will be method the get money back in Banks! Finally we would have great news from them.