PayPal resumes Withdrawals to India

In a big relief to the millions of IT Firms, Freelancers, Writers, SEOs and IT Developers, world’s largest online money transfer service provider, PayPal has announced the resumption of local bank withdrawals to India.
The Pa [PayPal] yPal announcement says that the Reserve Bank of India (RBI) has allowed them to continue local bank withdrawals for settlements for exports of goods and services. All PayPal customers should be able to use the bank withdrawal service from March 3, 2010 onwards.
As part of the changes, the customers will be required to fill out a new field entitled ‘Export Code’ when they 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, PayPal will be back in touch with its customers with specific instructions on how they can move their money into their bank accounts.

Posted by Saurabh on Feb 27 2010. Filed under Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry