PayPal has announced That they will be resuming Indian bank withdrawals to India by the 3rd of March. PayPal has come up with a negotiation with the Reserve Bank of India in which the RBI has allowed thousands of Indian businesses who use PayPal to resume bank withdrawals in order to sell their goods and services in the global marketplace.
On March 1, 2010 PayPal will reveal the details how businessmen can move money into their bank accounts. For now they have just said that under the laws of India they will have to introduce a new field ‘Export Code’ while requesting for withdrawal of money. This is the part of the negotiation so that the nature of cross-border merchant transactions could be identified.
The personal payments will still remain suspended. Regarding the personal payments Farhad Irani on the PayPal blog said that,
“The 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.”
Till the personal payments are back you can try the PayPal alternatives. But PayPal has assured that it will be back with the same service and reliability very soon.
Related posts:
This news come as a morning surprise for me…I thought it started from today but after reading Blog post on paypal blog, realize they are expecting it to start from 3rd .. Lets wait and watch