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Monday, March 1, 2010

Paypal Issues Solved!! Paypal Issues in India

Paypal Issues solved!! - latest paypal news
Update: April 18, 2010 >  Latest Paypal seems to work for Indians now


RBI allows Paypal to continue local bank withdrawals for Exporters

I have got news that Paypal Issues has been Solved partially
Check the News under  from Paypal
"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. 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. 


NOTE:
RBI has told us that PayPal needs specific approvals to allow personal inward 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. 




SOURCE: paypal

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