The Paypal problem in India has been solved....
By kiran8
@kiran8 (15348)
Mangalore, India
February 26, 2010 11:34pm CST
Hi friends, Good news for all the Indians ....I just go a mail from Paypal regarding the money transfer to Indian banks ....
From paypal...
PayPal
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
Thank god, it is over at last...I am sure all the Indian members are happy with this announcement ...
4 people like this
18 responses
@zed_k4 (17589)
• Singapore
1 Mar 10
It's definitely awesome to know this.. although I'm from Sg, I feel for those of my online friends in India whom might have this problem awhile back.. so does it mean that one can start withdrawing money from paypal already, or what..
@kiran8 (15348)
• Mangalore, India
4 Mar 10
Hi zed, It has only been partly solved, in that we are able to receive our payments into our paypal account but are still unable to deposit the money into our bank accounts. The RBI has some problems with paypal regarding currency conversion rates, and, until that is sorted we have to wait...
1 person likes this
@chaithanya3050 (269)
• India
3 Mar 10
I'm from India and i too got this mail from paypal.
but the personal payments option is not yet enabled so we can think there is some maintainance going on..
and it will be ok soon.
@chaithanya3050 (269)
• India
4 Mar 10
yes we can receive payment from different sites..
but some sites with low payouts in tha range of 1 or 2 cents are sending money by using personal payments or mass payments. after we receive that payments paypal is revercing the transactions...
:(
@dpk262006 (58676)
• Delhi, India
27 Feb 10
Hello Kiran!
The contents of the mail are primarily focused on payment viz-a-viz good, services and export. I am not clear whether those of us who earn through mylot, will be able to withdraw our money through Indian Banks, using Paypal?
Nonethless, thanks for sharing the information.
@dpk262006 (58676)
• Delhi, India
28 Feb 10
Pl. do not presume.
Try to transfer some amount from paypal to your bank account and then please let me know.
Try to transfer some amount from paypal to your bank account and then please let me know.@kiran8 (15348)
• Mangalore, India
27 Feb 10
Hi deepak, that is true, but since the mail is being sent to all users I would suppose that all functions will resume including money transfer, at least thats how I perceived it...Let us wait and see what happens on the 3rd march...All the best and have a great weekend 
@yugasini (12893)
• Secunderabad, India
3 Mar 10
hi kiran,
thanks for the good information,every time some special information news you are carrying
,i like this spontaneity,keep it up,before comparing with you i am less active and in other things also,you have told that you are getting some money regularly,in what purpose you are getting that,let me know,have a nice day
,every time some special information news you are carrying,i like this spontaneity,keep it up,before comparing with you i am less active and in other things also,you have told that you are getting some money regularly,in what purpose you are getting that,let me know,have a nice day @yugasini (12893)
• Secunderabad, India
4 Mar 10
hi kiran,
thanks for the response,have you find me at mypage5 site,i am also registered with it,but i could not make more friends there,i think only 5 people,and there no activities to do in that site,so i visit that site once in blue moon,have a nice day
,have you find me at mypage5 site,i am also registered with it,but i could not make more friends there,i think only 5 people,and there no activities to do in that site,so i visit that site once in blue moon,have a nice day
@dreamhome (558)
• India
27 Feb 10
this is a great news..But the mail says that we need to give an "export code" for the withdrawals..but what is that actually?
@dreamhome (558)
• India
27 Feb 10
yes, I too feel that the option would be available from March 3rd..But I'm not sure if all banks would have this export code.Already not all branches of Indian banks have an IFRC code, which is mandatory for direct bank withdrawal of paypal money..
@avizmanos888 (149)
• Philippines
11 Mar 10
Congratulations! Hope that it will be smooth-sailing to all of you from now on.
@figjam00 (1445)
• India
1 Mar 10
I have read this news and was very much elated after hearing this. I have some cash stuck in my paypal which I was planning to withdraw but suddenly I got news from the paypal that I cannot withdraw amount due to certain guidelines prescribed by RBI. But now its open because many of the businesses are dependent on paypal. But now one has to fill some export order form to get through the withdrawal.
@devils_nani (629)
• India
27 Feb 10
friend this is a great news to indians. am waiting for this to be happen from many days. from march 3 we can withdraw funds. thank god and RBI
@cbeee3 (2061)
• India
27 Feb 10
Hey Kiran.
How are you doing? I saw this post on paypal blog this morning. I then received this mail too. Such a sigh of relief..
Like many others I had quite a bit of money stuck in paypal. I had then resorted to using Xoom.com. Xoom works for sure. I transfered my money from Paypal to Xoom and then, from Xoom to my bank account here. But Xoom does charge a fairly large fee, as opposed to Paypal.
Good thing that this was sorted out and I hope nothing like this leaves us stranded again! Cheers and have a great weekend.
.
Like many others I had quite a bit of money stuck in paypal. I had then resorted to using Xoom.com. Xoom works for sure. I transfered my money from Paypal to Xoom and then, from Xoom to my bank account here. But Xoom does charge a fairly large fee, as opposed to Paypal.
Good thing that this was sorted out and I hope nothing like this leaves us stranded again! Cheers and have a great weekend.@kiran8 (15348)
• Mangalore, India
27 Feb 10
Hi cbeee, how have you been ? I agree thankfully things have been sorted out, now to sort our own account upgradations of paypal accounts. i tried to look for it and could not find any new additions there. I am sure we will get to see it after the 3rd of March after which the bank transfers will begin...all the best cbeee and have a great weekend
@SQD444 (677)
• India
10 Mar 10
hi there...
you are right... even though i havent cheked it yet i have been told that all the problems are solved regarding the ffund transfer in paypal which really is a good news every indian paypal user have been waiting for...now i wish the transfer between different digital currencies also became faster and cost effective...
cheers...
@Professor2010 (20162)
• India
10 Mar 10
hello kiran i have also received this notice from paypal, all paypal account holder have received it, it is good the worry and tension is gone, honestly speaking i was scared too
thanks for sharing this here
bhuwan
@kiran8 (15348)
• Mangalore, India
10 Mar 10
Hello Prfessor,yes it is no doubt solved to a certain extent, but I have heard that people have to go about in a roundabout manner to get the money into their bank accounts...I havent done it so I dont know about it...I wish someone who has done it would advise us ..
@sreejithsreenivas (10200)
• India
27 Feb 10
It is a good news for all Indians and i am also very happy to hear this news.Thanks for informing it.If we cant withdraw from paypal to our local bank account,then it is a waste for us to continue in different money making site.
@tutul0045 (2630)
• India
27 Feb 10
Hey,
I definately heard some thing is wrong between paypal and the indian members in it. Wasnt very sure what it was. But as u say its over iam happy to know that.
I guess it has something to do with money withdraws and hopefull y people will be able to withdraw their money from paypal from now onwards.
Cheers,
Tutul
@kiran8 (15348)
• Mangalore, India
27 Feb 10
Hi tutul, I published so that you know exactly what is happening.As of now they have resolved it and are starting normal function from 3rd March onwards, but we have certain things to do as regards our paypal accounts..all the best and have a great weekend
@abhaijith (2963)
• India
27 Feb 10
Wow friend,
very happy news. And for whole the Indian online earning world. So now everything is ok, and can withdraw money as usual.
Good day to all.
@abhaijith (2963)
• India
27 Feb 10
Wow friend,
very happy news. And for whole the Indian online earning world. So now everything is ok, and can withdraw money as usual.
Good day to all.
