paypal india problem solved

Paypal problem in india solved
here is the mail from paypal
"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"

Paypal stopped payments to and from INDIA.STATUS: REVERSED+paypal problem in india

Hello Readers,
paypal stopped personal payments from and to India.
I recently joined reliablefreelancer.com and got paid for one of my service in late january.
I was really happy that i got my first payment in my freelance career.But on 3rd feb i realized that my transaction was reversed.I was really shocked and contacted my client.He told he knows nothing about the situation.Later i contacted one of my old classmate who is working in paypal india.He told there are two possible reason for the payment to get reversed.
1)The client would have cancelled the payment
2)Thye client might have send it as personal payment.

Friends,in my case its the second one.He send it as personal payments and personal payments from or to india will get reversed after taking the paypal charge.

Why this is happening.

India is a big market for paypal.Most of the indian e-commerce providers use paypal and have a huge amount in their account.what will happen to them.

They can neither recieve payments not convert the money they have in indian rupees.

This is a serious matter.
Something should be done very soon.

Paypal is doing his best to solve the Issue.They are negotiating with the reserve bank of india and will soon solve this issue.
So people who have big amount in their paypal account,dont worry.
Paypal is a trustworthy company and will soon solve this issue.

More information on the update on paypal situation in india can seen on this post links.

Thanks again for visitimg my blog