Thank god, got email from PayPal
Its approx 1 month PayPal has sort out the Indian bank withdrawal problem, PayPal <> RBI has created this issue and we customers had this big problem, finally i got email by PayPal about the solution.
Lots of discussion created during this period of time on public forums like digitalpoint and other.
Here is the massage i got from PayPal yesterday :
PayPal
Dear xxxxx xxxxxxxxi,
We have been diligently working with the RBI and our businesspartners to resume Indian bank withdrawals for the thousandsof Indian businesses who depend on PayPal to sell their goodsor services in the global marketplace.
Today, we are happy to announce that the RBI has allowed usto continue local bank withdrawals for settlements for exportsof goods and services. We are currently making changes tocomply with Indian regulations for settlements for exports ofgoods and services, and we anticipate that, as of Wednesday,March 3rd, customers will be able to use ourbank withdrawal service.
As part of the changes, you will be required to fill out anew field entitled 'Export Code' when you request a withdrawal.This information is required under the current laws of India inorder to identify the nature of cross-border merchant transactions.
On Monday, March 1st, we will be back in touch with specificinstructions on how you can move your money into your bank account.
Moving forward, the RBI has told us that PayPal needs specificapprovals to allow personal remittances to India, which wecurrently do not have. Until we get these approvals, personalpayments into India will remain suspended. However, if you arean exporter, you will continue to be able to use the PayPalservice for payments of goods and services. In fact, with thechanges we are making to our system, PayPal is now set to be amore powerful engine for exporters in India. With purpose codesfor export transactions and FIRCs (Foreign Inward Remittance Certificates), you should now be able to get the exportrelated 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 duringthe past few weeks.
Sincerely,
PayPal
Category: News, Payment Processing, Paypal
What blog type are you using? I love the layout
This is wordpress 2.9.2
Hello,Terrific article dude! i am Fed up with using RSS feeds and do you use twitter?so i can follow you there:D.
PS:Have you thought putting video to your blog posts to keep the people more interested?I think it works.Yours, Erika Jasmine
What blog type are you using? I love the layout
That is some inspirational stuff. Never knew that opinions could be this varied. Thanks for all the enthusiasm to offer such helpful information here.
Ho..That's right, got it
Great blog got here from Bing :D . There's a good guide on BlogFlaw about PayPal security and how to upgrade it using PayPal Security Key. I think it maybe useful for some people.
Sweet blog. Just enough information. The colour is sexy.
you are a great help.
These kind of tasks should not be handled by the Indian govt, they should be handed over to Cyber Crime Dpt. so that they can be quickly solved.
ohhh nice info
I just link some good posts on the net
I enjoyed seeing this, do you twitter?
High quality info here! Keep up the great work. I love the feelings being expressed.