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

Well its really is a good news for all of us.

 

ahhh it hurts still have to wait a day to get what exact things going on

 

This is really a good news to all Indians but i think code will make suffer....

 

if they provide the code then it will be great for us

 

No I think as far as well you pay your taxes well, you will not suffer from it.

 

Individual can also apply for IEC. No need to register any company or firm

 

i think the export codes paypal talking about, should be something like this, often used by softex and RBI for services and software..

906 Data Entry jobs and Conversion / Software Data Processing
907 Software Development
908 Software Product, Packages
909 Others (Please specify)
910 Audio/Video software

 

I can get you an exact confirmation on that, when I meet my C.A on Tuesday. Monday is a bank holiday so let's not worry about IEC codes now and enjoy Holi

 

Thanks for sharing. I was really confused and saddened on how to continue my online job due to that IEC licence issue as I dont run a Company here. I just work from my home. But reading the paypal's announcement they no where say "your IEC code", all it says that "you will be required to fill out a
new field entitled 'Export Code' when you request a withdrawal"

Good to hear that paypal will be providing those export codes. (maybe like a drop down option/ radio buttons to identify the nature of transaction or how we earned the money).

Thanks yet again!

 

Irani's post on Paypal Blog has given a sigh a relief for freelancers but the same time a lot of speculations has been set into motion. Mostly regrading the IEC code. In his post Irani did not exactly mention the word IEC code. I guess it is wise not to assume things and wait for an update from Irani himself. I have some friends doing Leather export and they have this export license and Code. But funny thing is that, they do not need or will not rely on Paypal for their transactions. According to them no businessmen doing international Import/Export business will rely on Paypal for their financial transactions. So this export code thing sounds like an overkill.

 

It will be clear in 24 hours

I am pretty sure on the test site, paypal must be already testing and updating the new code or whatever
We will have info on 1st march and then they will go live , do some live testing
And allow rest on 3rd march to proceed for withdrawals

 

Look what iv got.

Resuming local bank withdrawals to India

 

Yes these might be the code Paypal is talking about. Thanks for the info.

 

I had mailed paypal asking if we need to obtain the export code by ourself. This is the reply i got..

Dear xxxx xxxxxxx,

Thank you for taking the time to contact us with your concerns. I am
happy to assist you further.

PayPal will be supplying you with this code. Please watch for the
updated email on 03/01/10.

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,
Alissa
PayPal Customer Solutions
PayPal, an eBay Company

 

Wow! great news!

 

This is going to be exciting, If they are going to be providing the IEC codes.

 

Yes export code might create trouble for freelancers like me,but lets hope for a positive news on 1st march.

 

Ithink i need to correct you Leepee with 3rd March

 

Yeah this is really going to be exited.
even i m having bit confusion with the couple of points given below after getting IEC code
1. dose we have to maintain each and every transuction's documentation (invoice etc.) and have to submit to our bank ?
2. Is any kind of extra Tax or Charges will be on us?
3. As freelancer we all are getting $'s against our service to our buyer, dose buyer is liable to charge with recent RBI's policy?

can anybody comment with their best knowledge with these point.
-zaaylo