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

Discussion in 'PayPal' started by Indiabulls, Feb 26, 2010.

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  1. salaxzar

    salaxzar Well-Known Member

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    #261
    noboday can..wait for paypal to update us all..
     
    salaxzar, Feb 28, 2010 IP
  2. RightMan

    RightMan Notable Member

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    #262
    I guess you are right. It is we... who assumed the export code to be IEC code! :(
    After all, it could just be a segment code which categorizes the activities under which forex revenues are being brought in and we might not be required to worry over some new applications and registrations! :eek:
    Let us wait for 3rd of March before jumping the gun! :)

    Regards,

    RightMan
     
    RightMan, Feb 28, 2010 IP
  3. Bohra

    Bohra Prominent Member

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    #263

    This is totally right people are panicking so fast and bloggers started posting how to get IEC code and stuff lol
     
    Bohra, Feb 28, 2010 IP
  4. Doughboy

    Doughboy Peon

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    #264
    Lordy Lordy I better not mess up with paypal again
     
    Doughboy, Feb 28, 2010 IP
  5. AffiliateCoach

    AffiliateCoach Peon

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    #265
    We have to wait for the update to come.. :(
     
    AffiliateCoach, Feb 28, 2010 IP
  6. krishmk

    krishmk Well-Known Member

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    #266
    Absolutely agree with you, however the mistake lies on paypal's part. Instead of giving such a confusing announcement they could have given clear instructions on March 1st itself...
     
    krishmk, Feb 28, 2010 IP
  7. hiprano

    hiprano Peon

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    #267
    This is a good news but I have seen something new call IEC code. Would it be required for Bank Withdrawal by Paypal?
     
    hiprano, Feb 28, 2010 IP
  8. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #268
    Paypal not yet declared anything related to IEC but they are talking about 'Export Code' so better for us to wait till 3rd March for official announcement from them at their blog.

    DON.
     
    deluxdon, Feb 28, 2010 IP
  9. freeshead

    freeshead Active Member

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    #269
    this is what i got reply from PP.

    " 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"
     
    freeshead, Mar 1, 2010 IP
  10. olddocks

    olddocks Notable Member

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    #270
    oh man! i was thinking paypal will provide the export code. so we all need to apply for IEC?! huh :(
     
    olddocks, Mar 1, 2010 IP
  11. fhk_kz5

    fhk_kz5 Member

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    #271
    Wasnt they going to announce the instructions on march 1st???
     
    fhk_kz5, Mar 1, 2010 IP
  12. olddocks

    olddocks Notable Member

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    #272
    see the above paypal email. That is what they are going to announce soon. damn! this is getting harder for us.
    Asking for IEC code, from everyone is just outrageous.
     
    Last edited: Mar 1, 2010
    olddocks, Mar 1, 2010 IP
  13. chandan123

    chandan123 Prominent Member

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    #273
    they just keep postpone the problem so that indian customers should not say good bye to paypal :D
     
    chandan123, Mar 1, 2010 IP
  14. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #274
    Oh.. :( Then what about their below given statement ??

    Don't know whats going on :confused:

    DON.
     
    deluxdon, Mar 1, 2010 IP
  15. rahul7281

    rahul7281 Peon

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    #275
    yeah thats what i said earlier too they simply dont want to lose so many users.......if we need required IEC code its goodbye to paypal from my side....bankwires work equally well and no one has ever asked for IEC codes when i mention my work etc......there is some limit beyond which its required thats for sure...i use paypal for small payments from my clients outside freelancing site and just for it i cant go for this damn IEC ....
     
    rahul7281, Mar 1, 2010 IP
  16. freeshead

    freeshead Active Member

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    #276
    I guess next problem could be the tougher one than the current one.
     
    freeshead, Mar 1, 2010 IP
  17. theonly1

    theonly1 Active Member

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    #277
    Total Ridicules.IEC is issues NOt by RBI
    IEC is issued by DGFT which comes under Ministry of Commerce.
    any Guy who applied for IEC can tell us in which name Draft is need to be created
    is it
    1.Joint Director ,DGFT OR
    2.DGFT
     
    theonly1, Mar 1, 2010 IP
  18. olddocks

    olddocks Notable Member

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    #278
    It could it be IEC code is required for business accounts and personal withdrawals paypal would provide the code :)

    Infact looks like from their conflicting statements, paypal just learned today that export code is IEC code. we all would be much happier, if paypal provide the code and make the bank withdrawal process very easy, without giving us any difficulty.
     
    Last edited: Mar 1, 2010
    olddocks, Mar 1, 2010 IP
  19. freeshead

    freeshead Active Member

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    #279
    Yes ! Paypal will lose their ratings. It would be hard & frustrating to use paypal now. I will go for Moneybookers as i have just received money from their in my bank account. And their fees are also less than PP
     
    freeshead, Mar 1, 2010 IP
  20. rathin

    rathin Peon

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    #280
    any update from paypal side bcz today is 1st
     
    rathin, Mar 1, 2010 IP
    olddocks likes this.
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