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

u need export code, to withdraw.

and for personal payments ie. "Fee Free" transactions, you need a exporter certificate from Indian Gov.

 

A nice HOLI gift given by PayPal to Indians !
I hope now everyone will play Holi without any tension.

 

This is the email that i received,

PayPal

Dear Mohankumar Yevvari,

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.

You can check the PayPal blog for additional updates.
www.thepaypalblog.com

We thank you for your business and for your patience during
the past few weeks.

Sincerely,

PayPal

 

IEC or PAN CARD will have to see that laters

 

Well, this is a great news.... i have also got mail from pay pal regarding this..... Hope everything is back to normal in few days....

 

ya correct

 

so even if companies can do it then it will be a unique code for all withdrawals or it will be different for each withdrawals?

can we use two IEC for 2 accounts i.e. using same by 2 guys

 

Yes I think it will be correct on March 1.

 

From: PayPal <PayPal3@info.paypal.com>
Date: Fri, 26 Feb 2010 21:09:49 -0800
Subject: Resuming local bank withdrawals to India
To:

PayPal

Dear ,

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.

You can check the PayPal blog for additional updates.

thepaypalblog.com
We thank you for your business and for your patience during
the past few weeks.

Sincerely,

PayPal

Copyright(C) 2010 PayPal Inc. All rights reserved.

Consumer advisory: PayPal Pte Ltd, the Holder of the PayPal(TM)
payment stored value facility, does not require the approval of
the Monetary Authority of Singapore. Consumers (users) are advised
to read the terms and conditions carefully.

 

I hope The Pan Card Verification Comes Soon..I think That should be enough for RBI monitor individual incomes.

 

But how does it help us?

 

yes
i also today got this mail from paypal that from 3rd march we can withdraw funds to bank account ...
But i think so there fees will be more now !!!

 

I believe it will be some special code generated by PP and RBI jointly as because otherwise PP would have mentioned IEC and not just Export Code.

Also, it is evident that IEC cannot be acheived by freelancers like us and also it needs current a/c for which trade licence is a must. If its IEC, no doubt, its a viscious circle once again...

Just hoping for the best....

 

I hope They start Pan Card Verification Soon...That should be enough for RBI to monitor personal Incomes...

 

agreed and that should be the case atleast for the freelancers

 

It's already been discussing here on this thread.

 

when you will get this info?

 

by 1st of March from Farhad's end

 

Isnt PAN card for income tax counting rather than income ??

 

PAN card links all your bank accounts , so it can be easily used to check your income..