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. jinsona

    jinsona Well-Known Member

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    #301
    Okay.. Mr. Irani has delivered the much awaited update he has promised. So it is conclusive now that Indian Paypal users DO NOT have to register an IEC Code to do withdrawals. However we are required to furnish another information called Purpose Code for For Reporting Forex Transaction. Good thing is Paypal is providing these codes. All you need to do is just pick the one best suite your trade. From march 3rd onwards you can start withdrawing your funds following these new guideline. Everything may feel like the climax of a Disney movie.

    May be its just me, but I feel like this is all just a makeshift solution. Using Paypal is never gonna be the same again. What about the people whose trade does not fall under any of those Purpose Code categories. Is it required for the account holder to produce all the invoices and bills of our online business to the Bank every time a withdrawal is made? Is paypal aware that how tough it is to explain the pencil pushers in Indian banks ( not judging all of them) about SEO EARNING , AFFILIATE EARNING, WEB DESIGNING LICENSE etc ? Paypal will be losing ground in India if these new amendments are bringing more hassles to the users, enough said.
     
    jinsona, Mar 1, 2010 IP
  2. olddocks

    olddocks Notable Member

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    #302
    That also means that you have to upgrade your paypal to business account, which i dont plan to do as of now. i am comfortable with premier account as of now. As for the long run, we will see :)
     
    olddocks, Mar 1, 2010 IP
  3. ipshita089

    ipshita089 Active Member

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    #303
    The blog post is also mentioning about some additional verification:

    Q. My account says I am not allowed to withdraw. I see my balances are restored but I am unable to provide a withdrawal instruction
    A: We may have suspended withdrawals from your account as we work to incorporate changes in the withdrawal process. We will be requiring additional verification regarding the nature of the transactions you are performing.[/B]

    Can anyone suggest, which code should the content writers use and also what can be the procedures for additional verification?
     
    ipshita089, Mar 1, 2010 IP
  4. adi231189

    adi231189 Peon

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    #304
    What about someone who gains through Rapidshare and Hotfile what code should i enter ?
     
    adi231189, Mar 1, 2010 IP
  5. olddocks

    olddocks Notable Member

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    #305


    yeah! that confuses me as well! i think they are talking about unverified new accounts and transactions. If i can remember correctly, if you are 2CO merchant, 2co verifies nature of transactions by calling customers!
     
    olddocks, Mar 1, 2010 IP
  6. seomindset

    seomindset Peon

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    #306
    Better, We have to wait for some more days..
     
    seomindset, Mar 1, 2010 IP
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