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

It seems personal works will be impossible after march with paypal. We better to choose another payment method.

Thanks
Blog.

 

great news for Indian

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

 

bhai neend se uthe ho kya?????

 

I heard that as of yesterday that this problem was over.

 

PayPal says that they would guide you to get an export code. I am not able to understand how easy or hard it is to get an export code.

 

I have an IEC code
let me know if you have any queries regarding that.
It will take 15~20 days to get it from DGFT
you require the below documents to apply for it:
1) PAN card
2) Bank statement
3) Form 18A on Bank letter head with your photo attest
4) Some document for address proof (Passport etc)
5) A DD in favor of JT Director of Foreign Trade (250 Rs)

You can also apply for it against your name or firm name
Let me know if you have any difficulties to get it

 

does it essentially require current account?

 

Guys I knew this for a long time. So got my IEC done few weeks back. I have posted that in this thread earlier. IEC codes generation does not take more than 5 days. But it take 14 days to reach the original certificate to your address. If you engage a chartered accountant then you can have a xerox copy of the certificate immediately on issuance.

Current Bank account is mandatory. So you need to have a Trade license from your local municipality to open a current (Business) bank account with any bank. Once you have account then you can ask your bank to issue a Certificate (Bank Certificate) as per the specified format given in the IEC code application form.

RBI does not authorize any business transaction to Savings Accounts.

 

This is turning out to be a hustle now heh. Too much trouble,
This surely means that individuals are not allowed to withdraw? If at all they withdraw then what would be company name, address and so on?

Receiving by check or credit card does not need IEC number, right?

 

The situation remain same for me... I hv a saving a/c n dont intent to open a current a/c nor i hv enough time to do all tht.
But wht abt the withdrawals already showing as "completed".... whn it be reversed back to our paypal a/c?

 

You can't trade if you're in this country... IE code. my foot! What if I want to sell used stuff on eBay? That means I am exporting stuff.. lol... RBI is a real pain.. What I dont understand is that when money is xoming into your Indian Bank accounts why the hell do you need to get people get a IE code? Its not like its gonna be more transparent.. They already have my bank account details and m,y PAN number... If they wanted to know the details of my trade they could have easily got it from this already.. This is so stupid..

 

i think we wont need our code we all will be using paypals code to do it

 

please wait till march 1 and lets see what happens. I hope we will not require IEC

 

if that's the situation, then it'll be pretty good. Paypal sends to their indian branch and then to us, so it should not require our code.
But again, if that's the case, why have personal payments been stopped?


Anyway, Since i didn't find a better alternative, I requested for a check of about 2k.
The check comes in INR i hope?

 

Yes, Current account is a must.

Once you at your IEC you can check its status on
http://www.icegate.gov.in/moreinfo/check_IE_code_status.html

 

Hi Guys.... Any one here requested the withdrawals through check and RECEIVED it????

 

i requested for a check but its still not delivered at my place

 

When did you request?
If it's not delivered, obviously you'd get it funded back to paypal.

 

on 15th of feb i think post office takes lot of time specially for international mails