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

By personal remetance in paypals case i think they were refering to those personal payments which didnt have any fees ..

 

yaar i cant apply for this rubbish IEC Code rather will happy with bank wires....rbi rather than keeping things simple have made it more complex pan card would have done the job....there is some limit beyond which iec code is required as far as i know......

 

If PayPal is in direct contact with the govt. AND Paypal india would also be paying income tax,
so the Govt just might have the aggregate data on the business front, & would/ should know there are a good number of individuals earning.

my guess would be somewhere down the line they would come out with something specifically for individuals, Or perhaps just revert back to PAN card or something.

if everyone has to go in for IEC code, perhaps everyone will end up opening a pvt ltd company,.... something like the loads of LLCs in US

M.

 

trying to register IEC let see how it works

 

Dude wait till they update us then only do all this neways govt will be closed till 2nd i guess

 

I have got the same e-mail. Hoping for the best

 

Paypal is a US company and they dont operate inside India, so no question of them paying taxes. They are just cross border payment processor outside India. They have only development center in Chennai.

 

I agree with You.. If the so called Export Code and IEC code is one and same, I will also rely upon Wire Transfer

 

What about the personal accounts withdrawals.does personal account holder also need this IEC code.

 

Today (27th Feb 2010) I got this email from Paypal.Here is what it said:

Now what you all have to say about the news?

 

just 2 days, you will get to know.

 

i have also got same mail from paypal.

 

Yes .. its gonna resume by march 3 ... I got the mail too ... great news

 

yeah, better to wait 2 more days, until that Enjoy "HOLI"

 

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.

 

Personal payments are still not working

so we will have to wait for it

 

Wait till 1st March for Paypal announcement about IEC numbers.

 

it's a great news..well done

 

Guys,
Just be patient until tomorrow and lets see what instructions paypal is going to publish

And so far as IEC is concerned , it would be rubbish because then all this would be taxable and we all here service provider are not exporting any physical goods
So simply you will have to start charging 30% extra for your service so instead of 100$ you charge 130$ to recover your taxes

RBI is making it complex ...............
Just a common man is under scrunity , be it a small service provider or a rich business man unless and until you are top shot or politically connected
No scrunity for govt. officials , Just ready IEC guidelines there are many exemptions for govt. officials to export goods/services without IEC Code
http://www.dgft.org/IEC_Code.html