By now we all know the Paypal fiasco for Indian customers and also that while some people were able to use Xoom to transfer funds to bank account from Paypal account, Xoom too has stopped working since last few days.
Paypal today sent me out an email clarifying that starting March 3rd they will be allowing payment transfers to bank account for Exporters. So if you are an exporter, you will be able to move your funds out of Paypal into your bank account from March 3rd (and Paypal will issue set of instructions to do so on March 1st).
However, if you are not an exporter (As part of the changes in Paypal, you will be required to fill out a new field entitled ‘Export Code’ when you request a withdrawal.) and would like to move your personal payments from Paypal to your bank account, the wait is not getting over for you anytime soon.
Dear Vaibhav Pandey,
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
Am glad that Paypal has shared the information in advance unlike the last time when they just reversed the transactions leaving a lot of us fuming.
You can also follow me on Twitter at http://twitter.com/vaibhav1981
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