PayPal Update : RBI has allowed us to continue local bank withdrawals

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. 

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.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com
http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

Use Xoom to Get your money from PayPal to your Local bank

As i mentioned earlier in my blog post's that users in India facing problem to withdraw their money from Paypal via Local Bank. Here is an alternative to get your money in your Local bank with the use of XOOM service.

 To catch the market XOOM providing an promotion coupons also which save more to you on fees charged by XOOM 

To get more promotion coupons visit http://www.retailmenot.com/view/xoom.com 

Here are the steps for using Xoom for withdrawing Money into local bank account.

- Goto xoom.com

- Signup with your real info. 

- Confirm your account once you got email from Xoom.

Now you can send money .

- Fill recipient information 
 
- Select Bank option

- Enter coupon code (Currently XOOM2010 is a valid code) if you have.

- Authorize the payment.

You will get the transaction status updates from xoom to your email id.

Note that i am not affiliated with xoom.com. I am just providing the information collected from various sources.

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

PayPal Update for Indian Users

Hi Friends

As I mentioned the situation of PayPal in my last two blog post :

·        PayPal Temporarily Stop Some India Services

·        Why PayPal Stop Personal Payments in India?

Here is an update to PayPal users from India. As of now the issue will take approx another 10-15 days time. Because of this current isuue lot of people in India are facing problem and they have several queries to find out the solution. Here are some possible questions along with the answers.

To keep track of payments that have been reversed is painful as well. Paypal tried answering the question as why it has suddenly stopped certain payments for India. Most of the questions have been answered by Anuj Nayar in The Paypal Blog.

1. Why did you suspend local bank transfers and personal payments to and from India?

We temporarily suspended these services to respond to enquiries from the Indian regulators, specifically questions on whether personal payments constitute remittances into India.

We’re working with the regulators and our bank processing partners in India to get this resolved as quickly as we can. We realize that this is causing considerable inconvenience to our customers and I want to reassure you that this is a top priority for the leadership at PayPal

2. When will personal payments be turned back on?

The regulators recently let PayPal know about revised licensing rules that we are now actively engaged in securing. Personal payments to and from India will be suspended for at least a few months until we fully resolve the questions from the Indian regulators.

3. When will local bank withdrawals be available?

Customers should be able to withdraw their funds to a local bank within the next few days. In the meantime, we’re going to restore the money into the PayPal accounts of any customers in India who have initiated a recent withdrawal, so they know that the money is safe in their accounts. Customers will also be reimbursed for any withdrawal fee charges.

4.The PayPal reversal has left me with a negative balance. What shall I do?

If you bought something or transferred money out of your PayPal account to your bank account before we reversed the payment then you may be left with a negative balance.

If this was a payment for a purchase of goods or services, you should contact the sender and have him or her resend the payment as follows:

(a) click the Send Money tab, and

(b) select “purchase.”

If this was a personal payment, then the sender will need to find another payment method until we restore the service.  We’re sorry about this.

If you can’t recover the funds from the sender, you can bring your PayPal balance current by logging in to the PayPal account and clicking the “Resolve Negative Balance” link on the Account Overview page.

5. My payment was reversed but it was not a personal payment. What happened?

Only personal payments should have been reversed. Customers who believe that their payments were reversed in error should request that the payment be sent again by following the steps above (click the Send Money tab and select “purchase.”)

If you are still having problems, please contact PayPal customer support

I hope that this helps clear up some of the confusion around the situation in India.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."

Why PayPal Stop Personal Payments in India?

Hi Friends

As i mentioned in my last post that "PayPal Temporarily Stop Some India Services". PayPal has temporarily withdraw the service from India which includes:

• Personal Payment to or from India

• Transaction from PayPal to Indian Bank

The Service which is still active is Purchase of goods/services through PayPal is still working.

The reason for PayPal to withdraw some services is that RBI (reserve Bank of India) asked some documents which PayPal failed to supply.

People in India who do transactions using PayPal are heavily affected. They are not able to withdraw money and can’t get personal payments.

According to Paypal’s Spokesperson Anuj Nayar:
“I’m writing to let you know that personal payments to and from India and transfers to local banks in India have been suspended while we work with our business partners and other stakeholders to address questions they have about the service.

During this time, customers can still make commercial payments to India but merchants cannot withdraw funds in Rupees to local Indian banks.

We’re trying to resolve the situation as quickly as possible and we’re really sorry for the inconvenience that this may cause our customers in India and around the world”.

Happy Blogging !

Nitin Chauhan | nitin@maximumhit.com | www.maximumhit.com

http://nitinmaximumhit.blogspot.com "We brand our clients to stand out from the competition."