Delay in PayPal Funds Transfer

[cosycom]

Hi friends , Normally all funds withdrawn from Paypal to our bank account are credited within 3 to 5 days .
I have withdrawn some funds on 19th feb 09 . Paypal shows funds already transfered but they are not received in my ICICI account till date . Anybody else also facing same problem ???????

Paypal seem to have an office in India but their address and contact information is not available anywhere .:(

Regards

Narinder

[everything4u84]

What a relief, thankyou I think more then anything eBay community have helped always 🙂

[snrama]

Hi,

Got a mail from PayPal today.

Dear Navaneethan Ramanujam,

We have been diligently working with the RBI and our business
partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods
or services in the global marketplace.

Today, we are happy to announce that the RBI has allowed us
to continue local bank withdrawals for settlements for exports
of goods and services. 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, customers will be able to use our
bank withdrawal service.

As part of the changes, you will 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.

On Monday, March 1st, we will be back in touch with specific
instructions on how you can move your money into your bank account.

Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal remittances to India, which we
currently do not have. Until we get these approvals, personal
payments into India will remain suspended. However, if you are
an exporter, you will continue to be able to use the PayPal
service for payments of goods and services. In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India. With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.

You can check the PayPal blog for additional updates.

www.thepaypalblog.com

We thank you for your business and for your patience during
the past few weeks.

Sincerely,

PayPal ---------------
With Regards,
Navaneeth (snrama) 😉

[beads4india]

Hi Friends,

so I withdraw money now or wait till March

(because PayPal already take a time for money process)

Thank you, ♥ Great News ♥

Vakar

[lets_fight_for_right]

Hi, Nothing to cheer as exports formalities are not so easy and viable for Sellers shipping single Items.

[indien.art]

Yes,

Same here i got mail too like snrama has.

I thought previously, when I get knowledge regarding export and getting funds into our bank, at that time i think that how paypal giving NEFT directly into our bank a/c.

so, ye to hona hi tha.. as paypal has not gone through govt. legalities.

Now, i think all ebay seller has export license. and ebay in has too required changes in international selling. cause at that time those seller also required a export license too.

hope, from march all we get funds into our banks.

so, cheers again.
N N-joy ebay.
Vimal

[amitava123gems]

Hi lets_fight_for_right,
Can you elaborate?
All of us do paper work.What else has to be done?
Thanx,
Truly,
Amitava

[everything4u84]

Hello,
I think we just need to enter EIC code which is easy to get.

[real.phoenix]

Dear All,

Please let me correct my earlier statement. It IEC is easy to get and it is much faster also now. It takes 4 to 5 days for people living in non-metro and in metros it takes as less as 1 day. (it doesn't require 45 days as earlier). It is now very fast. Kudos to Indian Govt. for this.

To get an Import Export Code, there are two ways:
1. Get it on youer personal name if you are not a registered business (shop, Pvt. Ltd company etc.)
2. Get it in your firm's name


To receive the IEC in a personal name is very very easy. You just need a PAN card, passport photos and have to fill a form. The charge is 2250 and if you employ an agent for it (recommended), then the process would be even faster with an additional amount of Rs 1000/- to Rs 5000/- depending on your city and agent.


To get an IEC in the name of a firm, you must have a Current Bank account. Rest of the formalities are same.

IEC offers you huge benefits and every international eBay seller must have it.

Good Luck.

Kind Regards,
real.phoenix

[gehna.gioielli]

Dear All,
Hi !

Its a good news for all of us that now paypal is allowed to transfer funds in Indian Banks.
But ICE Required (Import Export Code).

Those who are new with IEC can check official website of Govt. Of India.
Its not difficult to apply for IEC if you have proper documentations and a current bank account.

Visit the link given below.

http://dgft.gov.in/dgftcla/faqs.asp

All related forms are available on the website to download.

Cheers !!!!

Regards
Kapil.K

[lets_fight_for_right]

Hi amitava123gems, Getting IEC is not a problem at all but for every Item exported a proper export procedure would be required. A Copy of each export document would be required to be submitted to RBI and PayPal would issue FIRC against that to certify that payments against all such exports have been received. So all records for exports and payments received must match with RBI.