It had been a long trouble for all the Indian Webmasters, Affiliates and IT Professionals who have been using Paypal for years. Paypal had stopped its bank withdrawals service in India and also banned personal payments to and from India.
Now here is a good news for all the Indians. Paypal has resumed bank withdrawals in India and they will be able to withdraw their funds to their Bank account by 3rd march.
Farhad Irani, Vice-President, Asia Paypal business told us in an email that we will be notified by 1st march on how to withdraw funds from paypal account to bank accounts in India.
For your knowledge, Reserve Bank of India had halted Personal payments to and from India with Paypal saying that Paypal is not properly registered in India and does not have rights to remittance personal payments in india.
Paypal in its official blog www.thepaypalblog.com provided update :
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who use PayPal to sell their goods or services in the global marketplace.
I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the bank withdrawal service.
They also added that we need to fill out a new field “Export Code” during withrawal will be soon added ot withdrawal form to get funds in your Bank account. you can get more details on how to get Export code here ” How to get an Export Code for paypal in India “.
But Personal payments are still not allowed by Reserve Bank of India as it need approvals to allow personal remittance in India.
We will be updating frequently as the situation changes. keep reading…
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