PayPal Resumes Local Bank Withdrawals in India
By on February 27th, 2010

It seems that the folks at PayPal have been diligentlyworking for freelancers and other online merchants in India. In an email (and a related blog post) PayPal says that they will be ready to resume local bank withdrawals by March 3rd, a few days shy of Holi:-

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.

image

It seems that once the changes are in effect, any local bank withdrawal needs to have an Export Codefield filled out before the transaction is completed. This will enable the bank to identify the cross-border transaction’s nature. The necessary details will be provided in an email again on March 1st.

However, the situation on personal payments is still bleak as talks are on between PayPal and the Reserve Bank of India.

[T]he 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.

Here’s to hoping that it will get solved within a few months!

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  • http://www.ravendevelopers.com Anirudh K. Mahant

    Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):A) Should we trust PayPal in future?ANS: ABSOLUTELY NOB) Are they really concerned about our Money?ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?C) Is RBI responsible for this?ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of pure frustrating, destroying trust & spreading chaos.D) So what does PayPal tell us now?ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”D) What now?ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.

  • http://www.ravendevelopers.com Anirudh K. Mahant

    YET AGAIN PAYPAL IS STOPPING ELECTRONIC FUNDS TRANSFER BEWARE GUYS……… WITHDRAW YOUR FUNDS NOW!!!!!

    Orig article at PayPal offcourse you gotta take the pain in the rear to find it your self:

    https://www.thepaypalblog.com/2010/07/update-on-paypal-accounts-for-india-users/

    ————————

    Hello Zoe,

    Good morning.

    I wanted to make sure you aware of a notification that was sent yesterday to customer’s in India. I have included the notification below.

    In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user.

    From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

    While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.

    To request for a cheque withdrawal:

    1. Log into your PayPal account, click on ‘Withdraw’.

    2. Click on the ‘Request a cheque from PayPal’ link.

    3. Enter the withdrawal amount and select your mailing address, then click ‘Continue’.

    4. Click ‘Submit’ to confirm your request.

    In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.

    For any questions, please log into your PayPal account and click ‘Contact Us’ at the bottom of the page.

    We apologize for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.

    Please let me know if you have any questions regarding this change.

    Sincerely,

    Carolyn Anderson / Merchant Account Manager
    direct 866-923-3778 / cell 402.960.9871
    fax 303.395.2821
    office hours 7:30 AM – 4:00 PM CST Monday – Friday

 
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