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

With only a "company name too" we can get a current account.

 

Even if individual freelancers register as a proprietorship company, we will then need a PayPal business account with the same name as the 'company name' right?

 

Bhai, has anyone received the reversed money to there Paypal account.

Please help, I had withdrawn 500$ from Paypal to my Banks on 13 Feb but its still not reversed back to my account. Paypal says there job was done and transfer was complete. Where is my money now, is it lost????

Please help

 

I don't think so. You will be required to submit enough evidence to prove the existence of the company.

 

somebody suggested we can open a proprietership company at a small cost (1k - 2k) that can be a bit messy but probable solution

 

You can even open a partnership company for almost FREE. Draft a partnership deed on a stamp paper between 2 or more people (get it from a lawyer/ an already existing business/ google). And once this deed is signed between the partners, the partnership firm comes into existence. Moreover, registration of this partnership deed is not compulsory, but is advisable. Registration of the partnership deed can be done for with 1k depending on your area and lawyer/clerk used.

But you can easily open a bank account if you have a partnership deed (registered or unregistred) along with other relevant documents like the identity of the partners, any other licenses required to carry out that specific business etc.

 

so if we register a partnership comapany will we be able to get a current bank account?

 

my $550 is also missing from 9th feb. how they are so casual about our hard working money.

 

In such case contact PayPal with Transaction ID etc and ask them to fix the problem.

 

I was talking to an IE Code consultant in Chennai. He says Current Account is not required and he can get the IE Code for my Savings Account as well. For Rs.1000 extra he can get the code in 1 day. Just looking into all options.

 

PayPal says that they cannot help until the bank reverts the money back to them. They said contact your bank with the Transaction ID. How will the bank do anything about this if we dont have any valid transaction document.
CAN SOMEONE HELP

Reply to me from Paypal is as under:

Dear XXX,

Thank you for contacting PayPal. I apologize for the inconvenience this may have caused you. I understandyour frustration for not receiving money in your bank account. I'll be glad to assist you on this.or working with us. If you have more questions, visit our Help Center by clicking "Help" in the top right corner of any PayPal page. Sincerely,HeidiPayPal, an eBay Company

I have checked your account and I can see that the status of your withdrawal under transaction ID#XXXXXXXXXXXXX was completed on Feb. 13, 2010 11:52:12 PHT. Completed means it has completed through the PayPal system.

If you are unable to locate the deposit at your bank, and the status of the transaction is still listed as completed, we can initiate a trace onthese funds once 14 business days have passed. In this case, please contact us and our Customer Service will provide all the information to initiate the trace procedure.

Electronic transfers to your bank account usually take 5-7 business daysto process. Holidays and weekends are not recognized as business days for most banking facilities, which may result in a delay in your banking transactions.

Please note:

* PayPal has no control over the length of time it takes your bank to post their credits, and we do not receive confirmation when your credit has been received by your bank* Usually, if there is a problem with the transfer completing, it isrejected back to PayPal and the funds are reversed back into the PayPal account* At this time, this transaction has not been rejected back to us. Therefore, we suggest that you contact your bank and ask to speak with someone who works with Electronic Funds Transfers. This Department should be able to verify that your deposit was received.

Thanks for your patience and collaboration.

We know situations like this can be difficult, so thanks for working with us. If you have more questions, visit our Help Center by clicking "Help" in the top right corner of any PayPal page.

Sincerely,
Heidi
PayPal, an eBay Company

 

Hello,
You need to ask for UTR nos. from paypal for this bank transfer.

Thanks

 

First contact your Bank as PayPal said, give them the transaction id of your Money Withdrawal Request and ask them about the funds. If they unable to help then contact PayPal again for "Trace Procedure"

I don't think bank will ask for anything else but Transaction ID, if they ask for documents then either contact PayPal or print the Money Withdrawal ID page from the PayPal website. It usually has all details like Your Name, Transaction ID, Bank Account, Amount etc.

 

we would be able to receive IE code even for savings account. that's what I read somewhere. personally, I don't think IE code is such a big deal as it has been made out to be. PayPal would surely arrange a process to make things easier or us, because even they would be concerned about businesses in India.

 

E-mail from Paypal had only mentioned about some 'export code' and we were probably too presumptuous in thinking it to be IEC code.
Let us wait for more updates from Paypal, which is anyway scheduled to come out before 3rd of March before taking any call on this matter!

Regards,

RightMan

 

Hmmmm.. We Indians should have to wait till 3rd March to get any updates :|

 

They said they will update today (monday) and resume the w/d on Wednesday !!

did any one hear anything . . .since they are located in Singapore (for Asia-Pac) region so it should be out by now

 

I like the new DP look.. anyways... The IE code is not a big deal. You can get it as an individual proprietor also. And you can get it within some days itself. Also the fee isn't that much. My friend has an IE code for last 5 years.. He even stopped his export business and he never had any trouble with it. No one asked him why he stopped etc.. So its just another Reg.No like PAN card which we have to get and quote.. Nothing else.. So no need to panic.

 

IEC code is different
Export Code is different
When you export an item, usually there is a code assciated with it. This code usually categories the type of product being exported like food grains or minerals or etc. Software also should have a code. It is this code paypal is asking I think. Lets wait till march 3 to see the actual stats
Paypal says they will even issue FIRCs which is foriegn inward remittance certificates which means we may be even able to use it for export benefit claims.

But to get actual export benefits, you need to be a proper company I suppose?
Best regards
Bala

 

Thats true. The export code and the IE code are different. IF the codes are provided by PayPal then that would be a cakewalk process. IF its the IE code issued by our Govt then that would take time.