Resuming local bank withdrawals to India Not resumed yet??

raja Well-Known Member

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#1

Got a mail from paypal other day saying

PayPal

Dear Raja P,

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
Click to expand...

But when i tried to withdraw the amount to my Axis Bank i see this message

Withdraw Funds

We are making some changes to our product in compliance with India regulations for settlements for exports of goods and / or services. During this time, we have temporarily suspended the ability to withdraw money to your bank account. We hope to resume settlements to enable you to withdraw funds to your local bank account without delays.

As part of the changes, you will also be required to fill out a new field entitled 'Export Code' when you request a withdrawal. This information is required in order to identify the nature of cross-border merchant transactions.

Our sincere apologies for the inconvenience you must be facing. Please be assured that we are working to resolve this as quickly as possible and we will make sure to keep you updated.

PayPal offers the following options for withdrawing funds from your PayPal account.
Click to expand...

It soo confusing. Whats happening ?? Any idea please? Its soo annoying.

raja, Mar 2, 2010 IP

anjelina27 Member

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#2

Withdraw process will start from Wednesday so try tomorrow onwards.

anjelina27, Mar 2, 2010 IP

Bohra Prominent Member

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#3

Tommorow it will restart u will need one of these code http://img.labnol.org/files/purpose_codes_india.pdf

Bohra, Mar 2, 2010 IP

fhk_kz5 Member

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#4

Are you asleep? Its clearly mentioned that withdrawls will be resumed by 3rd of march.

fhk_kz5, Mar 2, 2010 IP

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Resuming local bank withdrawals to India Not resumed yet??

raja Well-Known Member

anjelina27 Member

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Resuming local bank withdrawals to India Not resumed yet??

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