Friday, February 26, 2010

PayPal resumes local bank withdrawal in India , but it needs Export Code






PayPal has announced that it will resume local bank withdrawals in India from March 3rd.

Farhad Irani from PayPal has mentioned this update in his recent blogpost.


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.


PayPal is sending this message to its Indian Customers thro' email also.

So, now the question is what is "Export Code" . Whether it is IEC (Import Export Code) or simply PAN number. Let us wait till March 1 for getting further update from PayPal.


And, paypal blog post says PayPal is not having approval from RBI for doing personal inward remittances to India. So PayPal personal payments won't work until payPal gets this approval.



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2 comments:

Anonymous said...

BTW, eLagaan.com has some detailed instructions and information about the IEC code take a look at http://elagaan.com/business/import-export-code-iec . They also provide a service to get you your IEC code.

camilynn said...

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