PayPal Resumes Local Bank Withdrawal In India Starting March 3rd

Written By Sam on 28 February 2010

Many of the users of PayPal including me received a mail today stating that it will resume the local bank withdrawals in India by March 3rd. Accordingly to the mail, the folks of PayPal are now working diligently for freelancers and other online merchants in India and will soon make adequate changes to comply with Indian regulations for settlements for exports of goods and services too.

All PayPal Users will need to fill-in a new field entitled as “Export Code” whilst requesting a withdrawal. This information would be required under the current laws of India for identifying the nature of cross-border merchant transactions and the necessary details will be mailed to all the PayPal users again on March 1. Though the exporters can use PayPal services for payments of goods and services, the personal remittances to India by PayPal are temporarily suspended, as it requires special approvals from RBI. Anticipating this gets resolved soon as well!

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