bogart (8 March, 2010)
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...
Here is the mail
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.
We thank you for your business and for your patience during
the past few weeks.
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).
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bogart (17 March, 2010)
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