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Thread: Paypal to Resume Withdrawals For India

  1. #1

    Smile Paypal to Resume Withdrawals For India

    Official Report: https://www.thepaypalblog.com/2010/0...wals-to-india/

    Finally, some positive news for Indian Paypal users. However, note that he mentions, they anticipate to resume services.

    ...we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service...

  2. #2
    Good news , i have some cash to remove to my bank account

  3. #3
    Yeah, i got mail from paypal about this.

    Finally i got good news from long time, this issue disturb me lot and give lot of problems in my business
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  4. #4
    Here is the mail
    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.

    www.thepaypalblog.com

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

    Sincerely,

    PayPal

  5. #5
    Join Date
    May 2009
    Location
    New York
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    3,772
    Quote Originally Posted by bozonessinc View Post
    Does this mean the Personal Payments to India will be back too.

    I work with tons of people from there and found I cannot gift the money the way I like too.

    Glad, Canada does not have these problems...
    Personal Payments into India will remain suspended.

    What was the advantage of having the money "gifted"?

  6. #6
    Quote Originally Posted by bogart View Post
    Personal Payments into India will remain suspended.

    What was the advantage of having the money "gifted"?
    The receiver would not be charges the PP fee.

  7. #7
    Such I am very happy that i am reading important news.

  8. #8
    Join Date
    May 2009
    Location
    New York
    Posts
    3,772
    Quote Originally Posted by 5starpix View Post
    The receiver would not be charges the PP fee.
    The PP fee can't be much. Around 2%?

  9. #9
    Quote Originally Posted by bogart View Post
    The PP fee can't be much. Around 2%?
    True, but its not just 2% but a certain minimum amount plus the 2%. i.e. for a payment of $2 you will be charged $0.30+$0.04, i.e. the receiver receives just $1.66.
    I believe for small jobs like the ones that come up like DP such as 'register and i pay you 20 cents' will be of no use to Indians at all.
    With personal payments suspended, small transactions would be just too 'expensive'.

    Getting back to the topic, i can second that. Requested a withdrawal of $xxx on Saturday and received the amount in my Bank Account on Tuesday(yesterday).

  10. good! thanks
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