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

Bingo!
I was even contemplating on opening another payment processing solution like moneybookers, but I guess I can defer this for now Indian service providers can breathe easy

Sadly, those of you who use PP for personal payments, this will take some more time.

 

not a very good news..again personal payments is not possible. only the exporters can get the payment...

 

I think we need to wait for 1 march to clear all the things.

 

1000 Rs.? Most of the instructions available online say the fee is Rs.250 (by Demand Draft).

 

Well that's latest rate, It wasn't that cheap 5 years ago!

 

can we still withdraw in paypal through cheques ?

 

I got this email from Paypal.

 

Yes that pretty much works

 

i thinks its high time to indian users here to show their location correctly.
so that if two or more indian involved in seding/recieving money, we should use bank transfer insted of paypal.

i think most of the DP users from India.

 

wat about service payments? do they also need an export code?

 

PayPal

Dear xxxxxx

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

 

yea hopefully, as this is the official announcement made by PayPal. Well its good to see everything sorted out after so much of mess.

 

nice tragic RBI

 

they can make having pan card details complusary....if not i guess thats it for indivduals like us

 

Yes, People can withdraw money from india. This is a great news. I too have received this mail. I have to withdraw and see if it works.

 

This is the good news we have been waiting for.
yes, its official, paypal bank withdrawals will start on march 3. Looks like we all need to get export code.

Source: https://www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india/

 

Really happy to hear and see a confirmation from Paypal officially after 1 month mess up.. Thank God, paypal and RBI..

 

At least we can use the PayPal now again, and our money that was stuck there long back now can be withdrawn.

Thanks

 

thank god, now we are coming out from this trouble.

 

dude if we arent any sellers how come we get the IEC .. haha lolz