Paypal Finally Resuming Local Bank Withdrawal to India

by khalid on 27/02/2010 · 4 comments

PayPal have sent an email to all its clients in India, informing them that they resolved the issue with Reserve Bank of India regarding Indian Bank withdrawls and the the payment will resume from 3rd March 2010. Email they sent is as given below for reference.

Dear Mohammad Khalid Siddiqui,
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………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

However at the same time they informed that personal remittances to India is still banned by RBI through PayPal and they have allowed to use the service , for exporters, one will continue to be able to use the PayPal service for payments of goods and service, only if they have Import Export Code (IEC)and in fact able to get the export related benefits you seek. The Importer Exporter Code is normally required by manufacturers and companies for international trade but with this new RBI ruling, the hundreds and thousands of freelancers, programmers, web designers and small companies who depend on PayPal for foreign payment will also have to apply for an IE Code.

Here is the link to Download the Application form to get IE code.

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{ 4 comments… read them below or add one }

Pranjal August 5, 2010

A new fact about Pay Pal :

I applied for a charity account with Pay pal because its free and supported by vbulletin software for payment subscription, I have all the documents like NGO Registration certificate, Memorandum of Society, Society PAN card, and the Bank details , bank details were verified by the Pay Pal by depositing amount of Rs. 2 and 40 paisa, after submitting all the document as per said in their website and in their emails, they denied me for the account, just because they have no tie-up with India regarding charity account, what the hell is this, why the pay pal people should not mention at the time sign up process. I have wasted around 1000/- rs in doing fax to pay pal and after 4-5 days they denied.

Don’t apply for a charity account with pay pal if you are living in India. Just wastage of time and money.

Reply

Suman August 30, 2011

Very much align with Pranjal, PayPal is doing monopoly here, transaction fee while transfer amount to your bank……Huge.

No other option available here…. ccavenue is too expensive.

Reply

atish August 10, 2010

Thanks a million for sharing the information,

This will also help other users.

Reply

khalid August 10, 2010

Glad you liked it 🙂

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