{"id":368254,"date":"2010-02-27T00:23:35","date_gmt":"2010-02-27T05:23:35","guid":{"rendered":"http:\/\/techie-buzz.com\/?p=19508"},"modified":"2010-02-27T00:23:35","modified_gmt":"2010-02-27T05:23:35","slug":"paypal-resumes-local-bank-withdrawals-in-india","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/368254","title":{"rendered":"PayPal Resumes Local Bank Withdrawals in India"},"content":{"rendered":"

It seems that the folks at PayPal have been \u201cdiligently\u201d working for freelancers and other online merchants in India. In an email (and a related blog post<\/a>) PayPal says that they will be ready to resume local bank withdrawals by March 3rd, a few days shy of Holi:-<\/p>\n

\n

Today, we are happy to announce that the RBI has allowed us
\nto continue local bank withdrawals for settlements for exports
\nof goods and services.\u00a0 We are currently making changes to
\ncomply with Indian regulations for settlements for exports of
\ngoods and services, and we anticipate that, as of Wednesday,
\nMarch 3rd, customers will be able to use our
\nbank withdrawal service.<\/p>\n<\/blockquote>\n

\"image\"<\/a><\/p>\n

It seems that once the changes are in effect, any local bank withdrawal needs to have an \u201cExport Code\u201d field filled out before the transaction is completed. This will enable the bank to identify the cross-border transaction\u2019s nature. The necessary details will be provided in an email again on March 1st.<\/p>\n

However, the situation on personal payments is still bleak as talks are on between PayPal and the Reserve Bank of India.<\/p>\n

\n

[T]he RBI has told us that PayPal needs specific
\napprovals to allow personal remittances to India, which we
\ncurrently do not have.\u00a0 Until we get these approvals, personal
\npayments into India will remain suspended.<\/p>\n<\/blockquote>\n

Here\u2019s to hoping that it will get solved within a few months!<\/p>\n

<\/a><\/div>\n
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TAGS:<\/strong> India<\/a>, Local Bank Withdrawals<\/a>, PayPal<\/a>, RBI<\/a><\/span>
\n<\/small><\/div>\n
\nPayPal Resumes Local Bank Withdrawals in India<\/a> originally appeared on Techie Buzz<\/a> written by Kaushik Narasimhan on Saturday 27th February 2010 12:23:35 AM. Please read the Terms of Use<\/a> for fair usage guidance. <\/div>\n

<\/p>\n

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