Have been waiting for the detailed instructions on Bank Withdrawals that can be started from March 3rd Onwards. Did anyone get any mail or updated info?
I really hope that news to be good from PayPal, February was really sad with so much confusion and stress.
some one has posted this in a thread: Dear xx xx, Thank you for contacting PayPal. The IEC (Importer Exporter Code) is a 10-digit numeric code provided by RBI (Reserve Bank of India) which you need to acquire for your bank withdrawals. This information is required under the current laws of India in order to identify the nature of cross-border merchant transactions. For details on how to acquire and or apply for the IEC, please contact your bank. I'll be glad to hear from you if you need clarification, just contact us as we try our best to give you immediate answers. Thank you for choosing PayPal for your online payment needs. We appreciate your business. Sincerely, Josephine PayPal, an eBay Company"
Yes, Paypal is sending payments to India and from India but some extra code needs to added as my friend money84 said.
we have to wait for farhad or his asian team mates coz only they can tell the real story dont believe paypal support emails as they dont know the whole story too
Well they gave us one good news that they are about to fix the issue, now lets see if they give us another good news saying that we don't even required export codes for withdrawal Thanks
When paypal said, they will come back with a new blog update then they should have posted the blog entry as per IST (i.e today) which clearly hasn't happened till now
Don't panic, Paypal will definitely post the updates today. My assumption is that they had got this information within the 2 weeks of February, but were held up to announce it till the budget was announced. If you'll notice, the budget happened on Friday and by Sat morning we all got emails about the Paypal withdrawl. So we will get the update by tomorrow morning(Tue) and then tuesday night IST from 11:30 - 2:30 am, they would run an upgrade to update all Indian Paypal accounts to include these IEC code fields in the withdrawl. So that by Wed, we shud be good to start withdrawls. If IEC was to be obtained from Banks or from RBI, then why would they start withdrawls from Wed, rather would've started from next week - 10 March, till we all obtained the IEC from the Govt. So bottomline is IEC code will be provided by Paypal. They will show this in their Statements to RBI... you see Paypal has been evading RBI all these years... so don't think it is going to become more legally active now. These are all called tricks of the trade. So just cool down and we all wait till tomorrow.
Update has been posted : https://www.thepaypalblog.com/2010/03/new-bank-withdrawal-instructions-for-our-customers-in-india/