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Hi friends , Normally all funds withdrawn from Paypal to our bank account are credited within 3 to 5 days .
I have withdrawn some funds on 19th feb 09 .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

[poonamjewels]

please advice me, we need to export each item which ship?? I am asking because export shipping charges is very high...
Pl. Advice

[real.phoenix]

Hi All,

I think we all should wait till 3rd March and see what option has been added on the PayPal site. It is likely that we may not be required to put the IEC on the PayPal site but just be required to mention that it is against an export of an item. So if a few of us who don't have an IEC can still withdraw and apply for the IEC in the meantime.

I feel the things will be absolutely clarified on 3rd March. In the meantime we should just enjoy the weekend without thinking much about the IEC.

Kind Regards,
real.phoenix

[nsjewelsindia]

guys see my previous post wat i said that its going to be better for our future. now if paypal going to add IEC code that means we have to show our items as exports . its going to rock our business and mental piece for the transaction related ebay. just wait for 3 rd march a better future is welcoming all of us...............
thanks to
ebay team
paypal team

[sapana@ebay.com]

Dear Sellers

The eBay India team pleased to inform you that PayPal is reporting resolution on the matter of ‘resumption of withdrawals to Indian banks for settlements of exports of goods and services’.

Please find below a message from Farhad Irani of PayPal regarding the issue.

Resuming local bank withdrawals to India

Hi, It is Farhad Irani again with a progress update.

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

I’m pleased to tell you that the RBI has now allowed us to resume 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, we will be able to resume the 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. I will be posting another blog then.

I’d like to thank the RBI for working with us to get this addressed. We know this is an inconvenience to you and we appreciate your patience.

Moving forward, 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. 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.

We know the past few weeks have been difficult and I would like to assure you that we have been working tirelessly to resolve the situation and restore our service. PayPal’s highest priority is to always ensure we comply with all applicable regulations everywhere we do business around the world.

Going forward, you can expect the same reliability from PayPal that you have enjoyed for all these years. I would like to thank you all for sticking with us and assure you of our best services going forward.

-Farhad

We will keep you posted on further announcements.


Regards,
eBay India Team

[utsav.jewelers]

This announcement is regarding future withdrawals.

What about the business capital that has mysteriously disappeared and is found neither in bank nor as a paypal balance?

[bestofkashmir]

@poonamjewels
I assume you mean to say if future shipments are required to be sent as commercial where we have to pay extra fee (900 INR) for each shipment. That is actually not the case. We will be able to send our shipments as we used to do earlier.

[tmgexports]

I totally agree with bestof kashmir ,upto my best knowledge we will be able to ship it like we do now ,the only difference will be that we will not be entitled for any rebates or duty drawback from goverment which are given against exports cause we are not getting them custom cleared from dgft

[real.phoenix]

I agree with tmgexports.

But it would be better if the sellers ship the item after getting dgft approval. In this way, the sellers will be able to enjoy all the benefits from the Government as exporters.

However, getting an IEC alone doesn't suffice to receive the govt. benefits. Moreover, this can only be implemented by the large scale sellers who are having a strong brick and mortar set-up.

[bestofkashmir]

I would like to elaborate:
Shipments we send are legally of 2 types:

1. Commercial shipment
2. Sample shipment

All of us have been mostly sending International shipments as sample shipments due to the value involved. For example if I was sending 1000 meters of fabric to USA, I would have to send as commercial because such quantity cannot be made to look as a sample. However, if it consists of 100 nos of 10 meter bolts of different designs, I will then be allowed to send as a sample shipment.
So regarding that, we are quite free to continue sending our items as sample shipments. Nobody can stop that.
Commercial shipments are different in the way that these require more documentation (which my Courier Co. does themselves) and there is a fee of INR 900 per shipment. Also, to my surprise I found that commercial shipments are taxed less than sample shipments at the Customers end.

[tmgexports]

totally agree ,but sir in a whole financial year when at the end of the year the transaction in your current account shows that you have sent 5000 sample shipments then the sales tax department will certainly inquire about it so i think you should not call it as sample shipments ,these will be considered as commercial but are not eligible for any kind of duty drawback as we have not get them custom cleared ,just export of goods against firc issued by paypal
regards