PayPal Resuming Bank Withdrawals to India

Feb 27, 2010 by

Many of people are waiting for bank withdrawals in India to be resumed and finally Farhad Irani from Paypal team has announced in a blog post that PayPal will resume bank transfer in India from 3rd March 2010.Before this PayPal users from India were trying to withdraw cash using some alternatives like Xoom and Alert Pay but few days back Xoom also stopped working.

Here is what official PayPal blog says about the latest updates they have made:

I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the 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. I will be posting another blog then.

There will be a export code which you will have to enter when you request a withdrawal which we will know by email on 1st March 2010.

Related Posts

Tags

Share This

6 Comments

  1. MostlyBlog
    February 27, 2010

    this is really good news for Indian paypal User
    .-= MostlyBlog´s last blog ..Google Search gets the Nearby option to Refine by location =-.

    Reply
  2. Jaspal
    February 27, 2010

    thnx for the update :)
    .-= Jaspal´s last blog ..How To Add Google Buzrr On Your Website Or Blog With A Counter Just Like Tweetmeme =-.

    Reply
  3. Harsh Agrawal
    February 27, 2010

    This news come as a morning surprise for me…I thought it started from today but after reading Blog post on paypal blog, realize they are expecting it to start from 3rd .. Lets wait and watch
    .-= Harsh Agrawal´s last blog ..PayPal Will Resume Bank Withdrawal for Indian Paypal Users From 3rd march =-.

    Reply
    • Shivendu Madhava
      February 27, 2010

      I got the mail from PayPal and was glad and thought that from today I will be able to withdraw but I will have to wait few more days.

      Reply

Leave a Comment

CAPTCHA Image
*