PayPal India 'bank withdrawal' restoration from March 3rd

Begining Feb 2010, PayPal suddenly started blocking ‘personal payments’ serives of Indian customers, as well as blocked ‘bank withdrawal’ funtionality. That said, for entire month, thousand of PayPal India customer are suffered, as they cann’t either recieve money from the advertisers’ nor could they transfer their money from PayPal to their bank accounts. PayPal posted […]

Begining Feb 2010, PayPal suddenly started blocking ‘personal payments’ serives of Indian customers, as well as blocked ‘bank withdrawal’ funtionality. That said, for entire month, thousand of PayPal India customer are suffered, as they cann’t either recieve money from the advertisers’ nor could they transfer their money from PayPal to their bank accounts. PayPal posted an update, saying of resuming part of its service ‘bank withdrawal’ abilities, begining March 3rd. But that’s come with an anticipated headache “As part of the changes, you’ll 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.”

“'Export Code' or Importer Exporter Code (IEC) is a 10 digit numeric code issued to Indian companies by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India and is valid for rest of your life.”

And, about the ‘personal payments’ PayPal said “the RBI has told us that PayPal needs specific approvals to allow personal inward remittances to India, which we currently don’t have. Until we get these approvals, personal payments into India will remain suspended.”