Finally Paypal has sorted out issues with RBI(RESERVE BANK OF INDIA) as stated on their blog,seems the paypal has taken up the payment holding it had implemented recently.
The email that Paypal sent to the Indian customers read:
“We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods or services in the global marketplace.
Today, we are happy to announce that the RBI has allowed us
to continue local 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, customers will be able to use our
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.
Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal 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. In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India. With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.”
Lets see whats next to come…
Happy payments to Indian subcontinent Paypal users 🙂