About Paypal Resuming Local bank withdrawl in India
By vherzha
@vherzha (223)
India
March 1, 2010 6:51am CST
Dear Friends....
I got a mail from Paypal that they are going to resume our Local bank withdrawal in India from March 3rd itself. Because Paypal told that RBI accepted to resume Bank Withdrawals for goods and services. They can able to resume it from March 3rd, Wednesday and also they told we have to submit our "Export Code" to Withdraw. Here Whats my doubt is... We can use the Paypal to cash out through cheque and for that also will they ask this Export Code from us? I provide the link below which having the clear details as I mentioned above.
Link : www.thepaypalblog.com/2010/02/resuming-local-bank-withdrawals-to-india
Please read and suggest me...
7 responses
@Wismay (2037)
• India
1 Mar 10
IEC Code(Importer Exporter Code) is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies.
To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.
One can apply for this code using the DGFT website. One needs to have a PAN issued by Income Tax Department of India.
Happy Mylotting!
@Gany15k (1673)
• India
1 Mar 10
Very good...I thought the problem is over...I was happy after reading mail from paypal.But now all gone.What to do I don't know.Till the problem exists...very bad...huh ! what I'm going to do....Very confused ????
@mkannanm (582)
• India
1 Mar 10
Paypal has not clarified about Export code. But in general, it is Import Export Code (IEC). IEC will be given by Government of India and not provided by Paypal. Surely this will make more delay in payment and users need to provide more documents to get Export code.
@ramaswamyvtkv (2879)
• India
1 Mar 10
is it so ,then the peoples without business(export & import) transction cannot transfer money to indian banks.
so will i be able to transfer money in paypal to my personel bank account?
@vherzha (223)
• India
2 Mar 10
Dear Mkannanm and Ramaswamyvtkv
thanks for your both reply....
But thro their information we can confirm that they must use export code from us to provide bank withdrawal... So its better to choose other options which was told by Mkannanm... Let we get little bit happy that they are allowing us to redeem our money thro other options except bank withdrawal.....
@cobradene (1171)
• India
2 Mar 10
When did you receive this mail? I haven't received any notifications from PayPal. How come? Even I have an account with them....
@daliaj (5674)
• India
1 Mar 10
What is export code? I am happy that the problem is fixed and we are able to transfer money to our local accounts. I am looking forward to transfer 20 dollars in Paypal to my local account by 15th of March. I have some plans about spending money. I need to buy a shoe from Bata. I also have to buy some medicine. Anyway, good news. I am waiting for Mylot to pay me.
@ramaswamyvtkv (2879)
• India
1 Mar 10
are you using personal account?
i think only exporters can withdraw money.
read the post carefully.
@vherzha (223)
• India
2 Mar 10
Dear Daliaj...
Paypal openly said that they are only accept bank withdrawal to Exporters whom having their Export user code... So you can't redeem it thro your bank account if u not an Exporter... So its best to choose other option to withdraw your payment... This must be an good solution too
@nitu1952 (286)
• India
1 Mar 10
ya that's quite a interesting news. it has really solves the problem to great extent. often in paypal acccount there is a limited money sometimes ther is no money in the account. there exists a great problem for people who don't have a credit/debit cards. paypal is useless for that people,
@vherzha (223)
• India
2 Mar 10
Dear Nitu
Yes, I completely agreed about ur statement... And also thanks for your suggestions too... But we can be little bit happy that we can withdraw our payment thro other options too... But yes as per your said we have to suffer about limited amount at the same time too...
@ramaswamyvtkv (2879)
• India
1 Mar 10
i also got.Where will we get the export code?
what is this EXPORT CODE?
I dont cleatly understand that we can money through papal to banks or not?
still i feel we the indians cannot withdraw money through local banks even after 3rd march.
for cheque i think it will not be asked.
please reply
@ramaswamyvtkv (2879)
• India
1 Mar 10
after reading the matter i think that only exporters can withdraw money.personal accounts cannot withdraw money through bank.
@vherzha (223)
• India
2 Mar 10
Dear Ramaswamyvtkv
Yes, They are providing the Bank withdraw option to only Exporters from India, I think..... So only Paypal told to submit our Exporters code to get the payment from Bank account... I am happy for the problem solved but through here again a new problem will start... Anyway Paypal accepts to withdraw money from other options except bank... This will make us to relax somewhere...
@getbiswa2000 (5544)
• India
1 Mar 10
Hi,
I know many friends here will be quite relieved knowing the details of export code so and so. But introduction to this whole new system is only going to give us more trouble. The income tax issue is yet to be resolved by RBI. March 3rd is the official deadline as I am informed. Incorporation of those rules will only further complicate the matter. Of course, we will take enough time to get habituated. That is the sole thing we can do. But do the impose tax on the online purchases as well? I don't have any intention to evade taxes, though I want to minimize the burden and find an optimized way to get the full benefit of my online income.
God bless you all
@vherzha (223)
• India
2 Mar 10
Dear Friends
Thanks for both of your replies too...
Dear Getbiswa, but hope this results will give us little bit relax... Because past days really we can't come to the solution about Paypal that whether they will accept Indians or not? But now I feel happy that they will allow us to withdraw our payment except bank transfer...
