Latest Update from PayPal for Indian Users - 2nd March 2010

Earlier (Feb 27th): The Reserve Bank of India has allowed Paypal to continue local bank withdrawals for settlements for exports of goods and services, Paypal has announced. The online payment and wallet service expects that users involved in export of goods and services should be able to use their that bank withdrawal service by March 3rd, after it has complied with the Indian regulations. For personal remittances, it will have to apply for approvals, which are likely to take time. These developments are along expected lines.
Among the changes being made, is that users will have to enter an Export Code when a withdrawal is requested, which indicate that the transactions will be cross-border merchant transactions, and not P2P money transfer. Personal payments will be suspended until approvals are received. It’s unlikely that many Indian companies using Paypal have an Export Code, so a majority of individual developers and startups will not be able to withdraw money to their bank account from Paypal. More details are expected from Paypal by March 1st (a holiday in India on account of Holi).


Have a nice day

Now at the moment they have released all the restriction which were being applied on Indian users few months ago, so its a sign of relief for the Indian users.

Originally Posted by Seotarget098

Now at the moment they have released all the restriction which were being applied on Indian users few months ago, so its a sign of relief for the Indian users.

If its true then really it will be a great news for the Indian users because they were suffering allot since february or march of this year.