Paypal Resuming local bank withdrawals to India
There are many complaints from indian customers that their withdrawl money from paypal is delayed in feb.
Finally paypal announced its problem with RBI due to new policy for withdrawl to safe guard from false and unauthorized transaction.
But now they have solved the problem and resume there services to indian bank from march3.
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
For more info see www.thepaypalblog.com
for details,Dont worry Hope no one’s money will lost.
