|
|
My Money was stuck in paypal for long. I transfered 400 usd to my current account at state bank of india ( SBI ) cochin and after a long gap on March 3rd the money was returned to my account.
Now After i recieved the mail below from them I tried transfer of 450 USD and Hurray . I got it successfully. Now I can accept payments from abroad. I did the transfer on 5/3/2010
Good news is from fifth march 2010 I can accept business payments from paypal. they ask for a code. its not the IEC code. Its just a code that can get from paypal site.
I dont think u can use paypal for personal remittance. Mine is a business account and i retrived the money to my current account.
Thank you for contacting PayPal.
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, our India customers will be required to fill out
a new field entitled ‘Export Code’ when requesting a withdrawal. This
information is required under the current laws of India in order to
identify the nature of cross-border merchant transactions. Starting
March 3rd, you can request a new withdrawal to your local bank account,
and you will need to select the Purpose Code relevant to your business.
When you initiate a withdrawal, you will now be required to declare a
purpose code when you are completing the bank withdrawal request.
Please note that according to Indian law, based on the value of
withdrawal and the purpose code in your declaration, your bank may
require you to provide documentary proofs such as invoices / goods
receipt forms as applicable to reconcile with your withdrawal. Please
check www.paypalblog.com for further details.
Thank you for giving us the opportunity to be of service and for
choosing PayPal for your online payment needs. We value your business
and we look forward to further strengthening your customer satisfaction.
For further assistance, you may call us at 1-888-221-1161.
|
